Equivalent value attachment under money laundering law upheld where received funds were treated as proceeds of crime and prior-acquired property could...
Where a scrutiny assessment under section 143(3) expressly accepted the returned income and made no addition or disallowance, the computation sheet could not override the assessment order. Once the regular assessment was completed, the earlier intimation under section 143(1) merged into it and lost independent existence, so the Assessing Officer could not rely on that earlier adjustment to justify a higher assessed income. The Tribunal further held that revising total income on these facts was not a mistake apparent from the record but a substantive re-determination of income, making section 154 unavailable. The rectification order was therefore unsustainable and the income had to remain as determined in the scrutiny assessment.
Where a scrutiny assessment under section 143(3) expressly accepted the returned income and made no addition or disallowance, the computation sheet could not override the assessment order. Once the regular assessment was completed, the earlier intimation under section 143(1) merged into it and lost independent existence, so the Assessing Officer could not rely on that earlier adjustment to justify a higher assessed income. The Tribunal further held that revising total income on these facts was not a mistake apparent from the record but a substantive re-determination of income, making section 154 unavailable. The rectification order was therefore unsustainable and the income had to remain as determined in the scrutiny assessment.
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