Proceedings u/s 153C invocable only when AO proves that material seized from third party belongs to assessee

ACIT Vs Soniz Procon (P.) Ltd. (ITAT Ahmedabad) ITAT Ahmedabad held that invocation of proceedings u/s 153C of the Income Tax Act unsustainable as AO has not put on record that material seized during the course of third party search belongs to the assessee. Facts- The assessee is engaged in the business of development and construction of residential and commercial complexes. The assessee follows Project completion method of accounting and filed its Returns of Income of the various projects undertaken by the assessee. There was search action u/s. 132 of the Act, carried out in the case of Shri ...