https://www.taxtmi.com/caselaws?id=459138 ITAT Delhi held that reassessment proceedings u/s 147/148 initiated based on material seized during search of third party (Jain Brothers) were invalid. The tribunal ruled that when incriminating material is found during search of third party u/s 132, proper procedure requires action u/s 153C, not u/s 147/148. The AO erroneously invoked reassessment provisions instead of following correct statutory procedure for third-party search material. Following precedent in Saurashtra Color Tones case, tribunal quashed the reassessment proceedings and decided in favor of assessee. en-us Fri, 26 May 2023 00:00:00 +0530 Mon, 02 Dec 2024 19:08:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459138 ITAT Delhi held that reassessment proceedings u/s 147/148 initiated based on material seized during search of third party (Jain Brothers) were invalid. The tribunal ruled that when incriminating material is found during search of third party u/s 132, proper procedure requires action u/s 153C, not u/s 147/148. The AO erroneously invoked reassessment provisions instead of following correct statutory procedure for third-party search material. Following precedent in Saurashtra Color Tones case, tribunal quashed the reassessment proceedings and decided in favor of assessee. Case-Laws Income Tax Fri, 26 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459138