Reassessment under Section 153A Invalid Without Incriminating Material: Karnataka HC

PCIT Vs Atria Wind (Kadambur) Pvt Ltd (Karnataka High Court)

No incriminating material, no reassessment u/s 153A-  Conversion of firm into company not taxable when 47(xiii) conditions met & no incriminating evidence found Karnataka HC

Revenue filed appeal u/s 260A against the order of ITAT Bangalore in ITA No.692/Bang/2024 dated 15.10.2024, which had granted relief to   Atria Wind (Kadambur) Pvt. Ltd. for A.Y. 2017-18.

A search u/s 132 was conducted on 17.12.2020 in Assessee’s office, followed by assessment u/s 153A r.w.s. 143(3), wherein AO

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