ITAT Chandigarh Quashes Search Assessment for Non-Compliance with New Reassessment Regime

Malbros International Pvt. Ltd Vs DCIT (ITAT Chandigarh) Search-Based Assessment Quashed: ITAT Chandigarh Holds Section 143(3) Invalid Without Following New Reassessment Regime The Chandigarh Bench of the ITAT allowed the assessees’ appeals (AY 2022-23) and quashed the assessments framed under section 143(3), holding that the entire exercise was without jurisdiction as the Assessing Officer relied extensively on third-party search material without complying with the mandatory post-Finance Act, 2021 reassessment framework. The Tribunal noted that the additions—relating to alleged bogus purc...