Section 153C Assessment Quashed Over Unsigned Seized Document: ITAT Hyderabad

Sudheer Neela Vs ACIT (ITAT Hyderabad) The ITAT Hyderabad disposed of five appeals filed by the assessees through a common consolidated order, as identical issues were involved. The primary issue concerned the validity of proceedings initiated under section 153C of the Income-tax Act, 1961, based on a seized “Agreement of Sale” dated 31.12.2019. The assessee, an individual who had not filed a return under section 139, was subjected to proceedings following a search conducted on 23.03.2021 in the case of the Spectra Group of Companies. During the search, the said agreement was found at the ...