https://www.taxtmi.com/caselaws?id=759194 The ITAT Chandigarh quashed assessment proceedings under section 153A for years beyond six years from search date. The court held that reopening assessments beyond six years requires tangible evidence of income escapement exceeding Rs.50,00,000. The DVO report alone, without corroborating material, cannot constitute incriminating evidence. Since the assessee's undisclosed investments were below the Rs.50,00,000 threshold and no discrepancy existed between disclosed investment and DVO report for the property, the extended assessment period was invalid. The assessee's appeal was allowed. en-us Mon, 12 Aug 2024 00:00:00 +0530 Wed, 25 Sep 2024 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759194 The ITAT Chandigarh quashed assessment proceedings under section 153A for years beyond six years from search date. The court held that reopening assessments beyond six years requires tangible evidence of income escapement exceeding Rs.50,00,000. The DVO report alone, without corroborating material, cannot constitute incriminating evidence. Since the assessee's undisclosed investments were below the Rs.50,00,000 threshold and no discrepancy existed between disclosed investment and DVO report for the property, the extended assessment period was invalid. The assessee's appeal was allowed. Case-Laws Income Tax Mon, 12 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759194