Section 153C Reassessments Require Year-Specific Incriminating Material – On-money Addition Deleted

Page ContentsSharad Kumar Bhandari Vs DCIT (ITAT Jaipur) Sharad Kumar Bhandari Vs DCIT (ITAT Jaipur) Background: The Income Tax Appellate Tribunal (ITAT), Jaipur, adjudicated the appeals of Sharad Kumar Bhandari and his wife Juhi Bhandari concerning reassessment notices issued under Section 153C of the Income Tax Act, 1961. The case arose from a search and seizure operation conducted under Section 132 at the premises of M/s OM Kothari Group on 13 July 2020. During the search, incriminating documents were found on the mobile phone of Shri Vishal Kothari, including an image labeled “Details as...