SC Clarifies Commencement of Section 153C Block Reassessment Period

CIT Vs Jasjit Singh (Supreme Court of India) In a pivotal judgment, the Supreme Court of India has provided essential insights into the initiation of the block reassessment period under Section 153C of the Income Tax Act. This clarification is particularly significant when individuals not directly involved in the search are implicated. The apex court’s ruling sets the block reassessment period’s starting point as the date of handing over seized material to the Assessing Officer (AO) of the person unrelated to the search, instead of the date of seizure. Detailed Analysis: The Suprem...