Sections 153A, 153C of Income Tax Act Override Regular Assessment; Section 153C Applies to Third-Party Seized Material.

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....Reopening of assessment v/s assessment u/s 153C - The High Court concludes that both Sections 153A and 153C have an overriding effect on regular provisions for assessment or reassessment under Sections 139, 147, 148, 149, 151, and 153. - The High Court clarifies that Section 153C applies when seized material relates to or belongs to a person other than the one on whom the search was conducted or requisition made. The Court emphasizes that Section 153C does not render Section 148 redundant but rather provides a specific procedure in certain cases. It asserts that the Department can resort to Section 148 when there is no incriminating material found during the search or requisition.....