https://www.taxtmi.com/highlights?id=93069 The HC affirmed the ITAT's allowance of the assessee's appeal, holding that reassessment framed under s.153A could not be sustained. The tribunal correctly determined that documents retrieved on search-board resolutions, legal notes, valuation reports, deeds of retirement, reconstitution indentures and retirement-cum-release instruments-were business records and not incriminating material. There was no evidence of concealment, nor did the conversion of the partnership to a company constitute a capital asset "transfer" as contemplated by s.2(47). Consequently, consequential reassessment proceedings lacked jurisdictional and substantive basis and were quashed, with the assessment restored in favour of the assessee. en-us Sat, 04 Oct 2025 08:22:37 +0530 Sat, 04 Oct 2025 08:22:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=93069 The HC affirmed the ITAT's allowance of the assessee's appeal, holding that reassessment framed under s.153A could not be sustained. The tribunal correctly determined that documents retrieved on search-board resolutions, legal notes, valuation reports, deeds of retirement, reconstitution indentures and retirement-cum-release instruments-were business records and not incriminating material. There was no evidence of concealment, nor did the conversion of the partnership to a company constitute a capital asset "transfer" as contemplated by s.2(47). Consequently, consequential reassessment proceedings lacked jurisdictional and substantive basis and were quashed, with the assessment restored in favour of the assessee. Highlights Income Tax Sat, 04 Oct 2025 08:22:37 +0530 https://www.taxtmi.com/highlights?id=93069