https://www.taxtmi.com/highlights?id=96091 Whether proceedings under Section 153C were validly initiated: Court held the foundational statutory prerequisite-creation of an asset under the scheme and the fourth proviso to Section 153A-appears absent because the ledger entries relate to expenditure and TDS was deducted, undermining the jurisdictional basis for a Section 153C notice; outcome: petitioner has a plausible ground to oppose the proceedings. Direction to assessing officer to decide petitioner's objections and pass a reasoned order within the specified short period, with communication to petitioner. - HC en-us Fri, 16 Jan 2026 18:28:25 +0530 Fri, 16 Jan 2026 18:28:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=96091 Whether proceedings under Section 153C were validly initiated: Court held the foundational statutory prerequisite-creation of an asset under the scheme and the fourth proviso to Section 153A-appears absent because the ledger entries relate to expenditure and TDS was deducted, undermining the jurisdictional basis for a Section 153C notice; outcome: petitioner has a plausible ground to oppose the proceedings. Direction to assessing officer to decide petitioner's objections and pass a reasoned order within the specified short period, with communication to petitioner. - HC Highlights Income Tax Fri, 16 Jan 2026 18:28:25 +0530 https://www.taxtmi.com/highlights?id=96091