Supreme Court Clarifies Assessment Date Impact on Third Parties u/ss 153C and 153A of Income Tax Act.

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....Assessment u/s 153C and 153A - date referred under proviso to Section 153(1) - In that event if the date would virtually “relate back” as is sought to be contended by the revenue, (to the date of the seizure), the prejudice caused to the third party, who would be drawn into proceedings as it were unwittingly (and in many cases have no concern with it at all), is dis-proportionate. - SC....