Functional comparability governs selection of support-service and IT-enabled service comparables, with verification required for unresolved data and m...
Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictio...
The HC held that for an AO to assume jurisdiction under Section 153C, the incriminating material seized during a search must have a direct bearing on the total income of the non-searched person. The court emphasized that the AO must be satisfied that the seized books, documents, or assets relate to the income determination of the other person before issuing a notice under Section 153C. Mere presence of information concerning the non-searched person in the seized material is insufficient without this satisfaction. The contention that the AO need not be satisfied about the bearing of the information on the non-searched person's income was rejected as contrary to the statutory language. Consequently, the impugned notice(s) issued under Section 153C were quashed.
The HC held that for an AO to assume jurisdiction under Section 153C, the incriminating material seized during a search must have a direct bearing on the total income of the non-searched person. The court emphasized that the AO must be satisfied that the seized books, documents, or assets relate to the income determination of the other person before issuing a notice under Section 153C. Mere presence of information concerning the non-searched person in the seized material is insufficient without this satisfaction. The contention that the AO need not be satisfied about the bearing of the information on the non-searched person's income was rejected as contrary to the statutory language. Consequently, the impugned notice(s) issued under Section 153C were quashed.
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