Section 153C Assessment Must Begin from Last Assessed Income

GHCL Limited Vs DCIT (ITAT Ahmedabad) Section 153C Assessment Must Start from Last Assessed Income — Rectification Allowed Despite No Fresh Claim The Ahmedabad Bench of the ITAT held that where no incriminating material is found during a section 153C search, the Assessing Officer must start from the last assessed income and cannot ignore crystallised, determined losses already allowed in earlier proceedings. In GHCL’s case, unabsorbed depreciation and brought-forward business losses aggregating to ₹150.21 crore had crystallised through appellate orders and were given effect by an order u...