https://www.taxtmi.com/caselaws?id=753602 The ITAT Amritsar quashed an assessment order passed under Section 153A, ruling it was without jurisdiction. The case involved additions under Section 69A for credits in savings accounts and undisclosed profits calculated at 8% on gross receipts. The tribunal held that when incriminating material belongs to a third party (found during search of another person), the mandatory procedure under Section 153C must be followed instead of Section 153A. The assessment was based on a statement recorded under Section 132(4) from a third party search, but the proper Section 153C procedure was not followed. The assessee's appeal was allowed. en-us Wed, 29 May 2024 00:00:00 +0530 Wed, 05 Jun 2024 21:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753602 The ITAT Amritsar quashed an assessment order passed under Section 153A, ruling it was without jurisdiction. The case involved additions under Section 69A for credits in savings accounts and undisclosed profits calculated at 8% on gross receipts. The tribunal held that when incriminating material belongs to a third party (found during search of another person), the mandatory procedure under Section 153C must be followed instead of Section 153A. The assessment was based on a statement recorded under Section 132(4) from a third party search, but the proper Section 153C procedure was not followed. The assessee's appeal was allowed. Case-Laws Income Tax Wed, 29 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753602