https://www.taxtmi.com/caselaws?id=751078 ITAT DELHI quashed reassessment order passed u/s 143(3) r.w.s. 147 based on incriminating material found during search of third party. Tribunal held that when reassessment proceedings are initiated based on material found in third party search, provisions of section 153C apply, which exclude application of sections 147 and 148. Following precedents from coordinate benches, the assessment was declared void ab initio as it was passed under incorrect provisions, ignoring mandatory sections 153A/153C. Assessee's appeal was allowed. en-us Wed, 03 Apr 2024 00:00:00 +0530 Sat, 06 Apr 2024 09:05:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751078 ITAT DELHI quashed reassessment order passed u/s 143(3) r.w.s. 147 based on incriminating material found during search of third party. Tribunal held that when reassessment proceedings are initiated based on material found in third party search, provisions of section 153C apply, which exclude application of sections 147 and 148. Following precedents from coordinate benches, the assessment was declared void ab initio as it was passed under incorrect provisions, ignoring mandatory sections 153A/153C. Assessee's appeal was allowed. Case-Laws Income Tax Wed, 03 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751078