Proceedings u/s. 153C should be initiated based on material found at premises of another company

Sai Krupa Developers Vs ACIT (ITAT Ahmedabad) ITAT Ahmedabad held that initiation of proceedings u/s. 147 of the Income Tax Act based on material found during search of another company is untenable as proceedings should be initiated u/s. 153C and not u/s. 147. Facts- The assessee is engaged in the business of development of industrial plots i.e. purchase of land, development of such land, industrial plotting followed by sale of such land. The background of the case is that a survey action was carried out at the premises of the assessee firm and search at the main office premises / corporate of...