AO doesn’t have jurisdiction to assess/re-assess unabated assessment u/s. 153C without any incriminating material

Ashok Commercial Enterprises Vs ACIT (Bombay High Court) Bombay High Court held that jurisdiction to assess/ reassess u/s 153C of the Income Tax Act in respect of unabated/ completed assessments without any incriminating material found during the search unjustified. Facts- Petitioner is a partnership firm engaged in the business of financing. AO issued a notice u/s. 142(1) of the Act requiring petitioner to furnish details regarding the write-off of bad debts. AO accepted the claim of the petitioner for write off of loans and advances. Later, officers of the Income Tax Department conducted a s...