Assessment u/s 153C Quashed: Lack of Incriminating Material and Non-Compliance with Pre-Conditions.

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Assessment u/s 153C Quashed: Lack of Incriminating Material and Non-Compliance with Pre-Conditions.

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....Assessment u/s 153C - Unexplained investment being share capital and share premium - no incriminating material seized during search. CIT(A) held that three conditions u/s 153C not satisfied cumulatively and simultaneously. No incriminating document found as a result of search, no satisfaction recorded for relevant assessment years. Non-satisfaction of pre-conditions in Section 153C renders notice legally unsustainable. Ratio of Sinhagad Technical Education Society and Index Security Pvt. Ltd. applied. Validity of notice u/s 153C barred by limitation - Search on 11.11.2014, satisfaction recorded on 02.12.2016. Block of 6 years for searched person from AY preceding search year. For person other than searched person, block of 6 years preceding.........

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Assessment u/s 153C Quashed: Lack of Incriminating Material and Non-Compliance with Pre-Conditions.