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Reassessment initiated under s.147 based on material emanating from a third-party search was held valid because the statutory preconditions for s.153C were not met, particularly the absence of any satisfaction note by the searched person's AO and its transmission to the assessee's AO; hence the assessee could not compel invocation of s.153C, and the AO's formation of belief was supported by fresh tangible material regarding alleged pre-arranged trades to claim s.10(38) exemption, so the jurisdictional challenge failed. On the s.68 addition treating share sale proceeds as unexplained, the matter was remanded for fresh consideration since the assessee had not discharged onus, yet certain relied-upon external data was not confronted; directions were issued to permit further evidence and require disclosure of the relied material. - ITAT
Reassessment initiated under s.147 based on material emanating from a third-party search was held valid because the statutory preconditions for s.153C were not met, particularly the absence of any satisfaction note by the searched person's AO and its transmission to the assessee's AO; hence the assessee could not compel invocation of s.153C, and the AO's formation of belief was supported by fresh tangible material regarding alleged pre-arranged trades to claim s.10(38) exemption, so the jurisdictional challenge failed. On the s.68 addition treating share sale proceeds as unexplained, the matter was remanded for fresh consideration since the assessee had not discharged onus, yet certain relied-upon external data was not confronted; directions were issued to permit further evidence and require disclosure of the relied material. - ITAT
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