AO cannot disturb assessment which has attained finality except if contrary material found during search

Longowalia Yarns Limited Vs DCIT (ITAT Chandigarh) ITAT Chandigarh held that AO not empowered to disturb the assessment order/ reassessment order which has attained finality, unless contrary material gathered in the course of proceedings u/s 153A of the Income Tax Act. Facts- A search and seizure action u/s. 132 of the Act was conducted at the business and residential premises of the assessee on 04/09/2014. Thereafter, notice u/s. 153A was issued on 23/06/2016 and assessment was framed u/s. 153A r.w.s 143(3) dt. 30/12/2016 wherein AO has applied the commission rate of 2% for obtaining alleged ...