Tribunal Rules Assessment Not Abated During Search; Original Tax Return Considered Final for Unexplained Cash Credit.

Tribunal Rules Assessment Not Abated During Search; Original Tax Return Considered Final for Unexplained Cash Credit. https://www.taxtmi.com/highlights?id=74768 Assessment u/s 153A - unexplained cash credit u/s 68 - Abated assessment or not - The ITAT observed that, To recapitulate the facts of this case, original return was filed u/s 139(1) of the Act on 28.10.2009, this means that notice u/s 143(2) of the Act could be issued up to 30.09.2010 (i.e. six months from the end of the financial year in which return was filed i.e. 2009-10). The search in this case was conducted on 14.09.2010. - Accordingly, the Tribunal allowed the Revenue's appeal, stating that the assessment for the relevant year cannot be treated as abated or pending on the date of the search. en-us Fri, 09 Feb 2024 12:38:07 +0530 Fri, 09 Feb 2024 12:38:07 +0530 TaxTMI RSS Generator Tribunal Rules Assessment Not Abated During Search; Original Tax Return Considered Final for Unexplained Cash Credit. https://www.taxtmi.com/highlights?id=74768 Assessment u/s 153A - unexplained cash credit u/s 68 - Abated assessment or not - The ITAT observed that, To recapitulate the facts of this case, original return was filed u/s 139(1) of the Act on 28.10.2009, this means that notice u/s 143(2) of the Act could be issued up to 30.09.2010 (i.e. six months from the end of the financial year in which return was filed i.e. 2009-10). The search in this case was conducted on 14.09.2010. - Accordingly, the Tribunal allowed the Revenue's appeal, stating that the assessment for the relevant year cannot be treated as abated or pending on the date of the search. Highlights Income Tax Fri, 09 Feb 2024 12:38:07 +0530 https://www.taxtmi.com/highlights?id=74768