Loose Sheets Alone Insufficient for Tax Assessment: SC upholds Quashing of Notices

DCIT Vs Sunil Kumar Sharma (Supreme Court of India) The legal dispute in DCIT vs. Sunil Kumar Sharma involves challenges to notices and assessment proceedings issued under the Income Tax Act, 1961, particularly under Sections 127 and 153C, following a search conducted on the premises of Sri D.K. Shivakumar and related parties, including Sri K. Rajendran, on August 2, 2017. The Revenue (Deputy Commissioner of Income Tax) transferred jurisdiction of the assessee’s case under Section 127, issued notices under Section 153C to file returns for AY 2015-16, and subsequently completed the assessment...