https://www.taxtmi.com/caselaws?id=462477 In a section 153C search assessment, a return filed in response to the notice had to be followed by a statutory notice under section 143(2); the absence of that notice, together with the impermissible sequence in recording satisfaction and issuing notice, rendered the assessment void ab initio. On the joint development arrangement, the Tribunal treated the land as stock-in-trade and held that taxation could not be tied merely to the occupation certificate in assessment year 2017-18. Section 45(5A) was held inapplicable to a partnership firm, and the transaction was to be dealt with under section 45(2) based on the relevant conversion and sale events. The additions were deleted. en-us Fri, 16 Aug 2024 00:00:00 +0530 Mon, 23 Jun 2025 12:07:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462477 In a section 153C search assessment, a return filed in response to the notice had to be followed by a statutory notice under section 143(2); the absence of that notice, together with the impermissible sequence in recording satisfaction and issuing notice, rendered the assessment void ab initio. On the joint development arrangement, the Tribunal treated the land as stock-in-trade and held that taxation could not be tied merely to the occupation certificate in assessment year 2017-18. Section 45(5A) was held inapplicable to a partnership firm, and the transaction was to be dealt with under section 45(2) based on the relevant conversion and sale events. The additions were deleted. Case-Laws Income Tax Fri, 16 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462477