ITAT Quashes Reassessment as Search Material Required Section 153C Proceedings

Ravi Nirman Nigam Limited Vs DCIT (ITAT Mumbai) In, the Income Tax Appellate Tribunal (ITAT), Mumbai, allowed the appeals filed by the assessee for Assessment Years 2010-11 and 2011-12, holding that reassessment proceedings initiated under Section 147 of the Income-tax Act were invalid because the alleged incriminating material originated from a search conducted on another entity, thereby attracting the special procedure under Section 153C. The assessee’s original returns had been processed under Section 143(1). Subsequently, information was received from the ACIT, Central Circle-2(4), Ahmed...