https://www.taxtmi.com/caselaws?id=762666 The tribunal quashed the reassessment proceedings under section 147 of the Income-tax Act, 1961, for the assessment years 2012-13 and 2013-14, deeming them void ab initio. It ruled that the use of search material from a third party against the assessee required proceedings under section 153C, not section 147. Consequently, the tribunal allowed the assessee's cross-objection and dismissed the revenue's appeal as infructuous. The decision for the assessment year 2013-14 was applied mutatis mutandis to the assessment year 2012-13, effectively nullifying the reassessment actions for both years. en-us Thu, 14 Nov 2024 00:00:00 +0530 Wed, 04 Dec 2024 09:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762666 The tribunal quashed the reassessment proceedings under section 147 of the Income-tax Act, 1961, for the assessment years 2012-13 and 2013-14, deeming them void ab initio. It ruled that the use of search material from a third party against the assessee required proceedings under section 153C, not section 147. Consequently, the tribunal allowed the assessee's cross-objection and dismissed the revenue's appeal as infructuous. The decision for the assessment year 2013-14 was applied mutatis mutandis to the assessment year 2012-13, effectively nullifying the reassessment actions for both years. Case-Laws Income Tax Thu, 14 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762666