Initiation of reassessment u/s. 147 based on search action instead of 153A/153C is untenable

Sejal Jewellary & Anr. Vs Union of India & Ors. (Bombay High Court) Bombay High Court held that once search action u/s. 132 of the Income Tax Act is the foundation of the case, assessment could be initiated only under section 153A/ 153C. Thus, initiation of reassessment proceedings u/s. 147 is liable to be quashed. Facts- The question which falls for consideration is whether in the facts and circumstances of the case, respondent 3 was correct in law in issuing a notice to the petitioner under Section 148 of the Income-tax Act, 1961 on the basis of a search action under section 132 of t...