https://www.taxtmi.com/caselaws?id=752108 ITAT Delhi held that assessment under section 147 was void ab initio when section 153C provisions were applicable. The case involved unexplained cash credit under section 68 where assessee received accommodation entries as bogus LTCG/STCG from entry operator. CIT(A) correctly determined that section 153C excluded application of section 147, making the notice under section 148 and subsequent assessment invalid. The reassessment for AY 2017-18 was quashed and Revenue's appeal dismissed. en-us Wed, 01 May 2024 00:00:00 +0530 Fri, 03 May 2024 09:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752108 ITAT Delhi held that assessment under section 147 was void ab initio when section 153C provisions were applicable. The case involved unexplained cash credit under section 68 where assessee received accommodation entries as bogus LTCG/STCG from entry operator. CIT(A) correctly determined that section 153C excluded application of section 147, making the notice under section 148 and subsequent assessment invalid. The reassessment for AY 2017-18 was quashed and Revenue's appeal dismissed. Case-Laws Income Tax Wed, 01 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752108