https://www.taxtmi.com/caselaws?id=761374 ITAT Delhi quashed an assessment order passed under Section 143(3) after finding it illegal and non-maintainable. The case involved under-reporting of sale consideration for immovable property where search action was conducted at third party premises under Section 132, and documents were seized. The AO had recorded satisfaction note under Section 153C for assessment year 2021-22. The tribunal held that once Section 153C proceedings are initiated with proper satisfaction note, regular assessment proceedings under Section 143(3) must be abated. Following precedent in similar case, the assessment order was quashed in favor of the assessee. en-us Fri, 11 Oct 2024 00:00:00 +0530 Sat, 09 Nov 2024 08:46:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761374 ITAT Delhi quashed an assessment order passed under Section 143(3) after finding it illegal and non-maintainable. The case involved under-reporting of sale consideration for immovable property where search action was conducted at third party premises under Section 132, and documents were seized. The AO had recorded satisfaction note under Section 153C for assessment year 2021-22. The tribunal held that once Section 153C proceedings are initiated with proper satisfaction note, regular assessment proceedings under Section 143(3) must be abated. Following precedent in similar case, the assessment order was quashed in favor of the assessee. Case-Laws Income Tax Fri, 11 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761374