Section 153A Assessment Quashed for Lack of Incriminating Material

Advertisement SRS IT Solutions Private Limited Vs DCIT (ITAT Delhi) The Delhi Bench “F” of the ITAT allowed the appeal of SRS IT Solutions Pvt. Ltd. for AY 2008-09 and quashed the assessment framed under section 153A r.w.s. 143(3), holding it to be without jurisdiction in the absence of any incriminating material. The Tribunal noted that the search on the SRS Group was conducted on 09.05.2012, whereas the assessment year in question was an unabated year, since the return had been filed earlier and no notice under section 143(2) was issued within the prescribed time. On facts, although t...