Court Rules Assessee-Firm Not Owner of Seized Document; Section 153C Assessment Validity Questioned Under Income Tax Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Validity of assessment u/s 153C - real owner of the document seized - the presumption cast under provisions of section 132(4A) of the Act, comes into play. - even the provisions of section 292C(1) also provide the same. This presumption was not rebutted by the AO of the searched person - assessee-firm cannot be said to be the owner of the document seized. - AT....