Section 153C Assessment Quashed for Undated Satisfaction Note & Two-Year Delay

Virat Alloys Private Limited Vs ACIT (Gujarat High Court) The Gujarat High Court considered a batch of writ petitions challenging a notice issued under Section 153C of the Income-tax Act, 1961 for the assessment year 2015–16, along with all consequential proceedings. The petitioner-company had filed its revised return declaring nil income. A search under Section 132 of the Act was conducted on 25 June 2018 in the case of M/s World Window Group. The petitioner asserted that it had not undertaken any business or transactions with the said group during the relevant financial years. Despite this...