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Section 153C Applies to Third-Party Search Material; Section 147 Reassessment Invalid: Kolkata ITAT
Case Law Details
- Case Name
- DCIT Vs Nawal Kumar Kanodia (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2019-20
- Courts
- All ITAT, ITAT Kolkata
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DCIT Vs Nawal Kumar Kanodia (ITAT Kolkata)
The Kolkata Bench of the ITAT dismissed the Revenue’s appeal against the CIT(A)’s order annulling a reassessment framed under Sections 147/143(3) of the Income Tax Act, 1961. The assessee had filed the return of income on 30 July 2019 declaring total income of Rs. 67,44,290, which was processed under Section 143(1). A search conducted on the Kasera and Sanwaria Group on 30 November 2018 resulted in seizure of incriminating materials indicating cash transactions between the assessee and the searched group. Based on these materials ...
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