Assessment u/s. 143(3) based on material searched at third party untenable in law: ITAT Delhi

Seema Jain Vs DCIT (ITAT Delhi) ITAT Delhi held that assessment u/s. 143(3) of the Income Tax Act based on material searched at third party is untenable in law. The assessment should be completed u/s. 153C instead of 143(3). Facts- A search and seizure action u/s 132 of the Act was carried out at the premises of Shri Parveen K Jain / M/s Jainco Ltd on 6.1.2021. During the course of search, it was found that sale of property at C-117, First Floor, Nirman Vihar, Delhi-110092 was done for total sale consideration amounting to Rs 2,35,00,000/-. However, on perusal of the ITR of the assessee, it wa...