https://www.taxtmi.com/caselaws?id=445347 Rule 112F of the Income-tax Rules provides a limited exception to the normal post-search reassessment regime only where a search or requisition in a notified constituency yields assets connected with an ongoing election process. The Madras High Court noted that the recorded statements and surrounding material showed cash withdrawals from salary credits being used for personal and college expenses, and the later retraction did not override the contemporaneous record. Mere coincidence with the Model Code of Conduct was insufficient because no nexus between the seized cash and the election process was shown, so relief under Rule 112F was unavailable and proceedings under sections 153A and 153C continued. en-us Tue, 31 Oct 2023 00:00:00 +0530 Mon, 06 May 2024 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445347 Rule 112F of the Income-tax Rules provides a limited exception to the normal post-search reassessment regime only where a search or requisition in a notified constituency yields assets connected with an ongoing election process. The Madras High Court noted that the recorded statements and surrounding material showed cash withdrawals from salary credits being used for personal and college expenses, and the later retraction did not override the contemporaneous record. Mere coincidence with the Model Code of Conduct was insufficient because no nexus between the seized cash and the election process was shown, so relief under Rule 112F was unavailable and proceedings under sections 153A and 153C continued. Case-Laws Income Tax Tue, 31 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445347