https://www.taxtmi.com/caselaws?id=756798 The Madras HC upheld assessments under Section 153C following a search conducted on 10.11.2020. The court rejected petitioners' jurisdictional challenges, ruling that electronic data storage devices qualified as "books of accounts" under Section 2(12A) even before the 2022 amendment, which was clarificatory and retrospective. The court determined that satisfaction notes issued after completing the searched person's assessment on 31.03.2022 were timely, with the limitation period for other persons' assessments running from 31.03.2023. Assessment orders passed under Section 143(3) were held valid. However, the court remanded cases back for proper addition of unexplained income under Section 69A to individual petitioners' accounts rather than duplicating additions to both directors. en-us Thu, 18 Jan 2024 00:00:00 +0530 Thu, 08 Aug 2024 11:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756798 The Madras HC upheld assessments under Section 153C following a search conducted on 10.11.2020. The court rejected petitioners' jurisdictional challenges, ruling that electronic data storage devices qualified as "books of accounts" under Section 2(12A) even before the 2022 amendment, which was clarificatory and retrospective. The court determined that satisfaction notes issued after completing the searched person's assessment on 31.03.2022 were timely, with the limitation period for other persons' assessments running from 31.03.2023. Assessment orders passed under Section 143(3) were held valid. However, the court remanded cases back for proper addition of unexplained income under Section 69A to individual petitioners' accounts rather than duplicating additions to both directors. Case-Laws Income Tax Thu, 18 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756798