https://www.taxtmi.com/caselaws?id=424776 The Appellate Tribunal quashed the assessment orders framed under section 153A r.w.s 143(3) of the Income-tax Act, 1961. The Tribunal emphasized the necessity of following procedural requirements under section 153C when basing assessments on material belonging to a third party. Citing a High Court judgment, the Tribunal ruled in favor of the assessees due to similarities with the cases considered by the High Court. The Tribunal deleted specific additions due to the Assessing Officer's changing views and lack of concrete evidence. Ultimately, the Tribunal allowed the appeals, quashed the assessment orders, and did not assess the case on its merits. en-us Wed, 06 Jul 2022 00:00:00 +0530 Thu, 07 Jul 2022 14:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424776 The Appellate Tribunal quashed the assessment orders framed under section 153A r.w.s 143(3) of the Income-tax Act, 1961. The Tribunal emphasized the necessity of following procedural requirements under section 153C when basing assessments on material belonging to a third party. Citing a High Court judgment, the Tribunal ruled in favor of the assessees due to similarities with the cases considered by the High Court. The Tribunal deleted specific additions due to the Assessing Officer's changing views and lack of concrete evidence. Ultimately, the Tribunal allowed the appeals, quashed the assessment orders, and did not assess the case on its merits. Case-Laws Income Tax Wed, 06 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424776