Section 153C

Budget 2017: In case of Search Assessment notice can be issued for 10 Years

Income Tax - In order to protect the interest of the revenue in cases where tangible evidence(s) are found during a search or seizure operation (including 132A cases) and the same is represented in the form of undisclosed investment in any asset, it is proposed that section 153A relating to search assessments be amended to provide that notice under th...

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Principles & Procedures of Assessment u/s 153C

Income Tax - a person other than the person referred to in section 153A, then, the books of account or documents or assets, seized or requisitioned shall be handed over to the Assessing Officer having jurisdiction over such other person ] and that Assessing Officer shall proceed against ...

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Scope of additions that can be made in a pending assessment and in a completed assessment pursuant to a search u/s 132

Income Tax - Completed assessments can be interfered with by the AO while making the assessment under Section 153 A only on the basis of some incriminating material unearthed during the course of search or requisition of documents or undisclosed income or property discovered in the course...

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Amendment proposed by union budget 2010 in Provisions dealing with Settlement Commission

Income Tax - Entire scheme of the eligibility, powers and procedure before the settlement commission was overhauled by Finance Act, 2007, w.e.f. 1.6.2007. In the overhauled scheme, search / requisition cases covered by the provisions of section 153A of the Act were not allowed to take benefit of the settlement commission. It also excluded the cases of...

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Issuance of notice U/s. 153C is mandatory for assessment u/s. 153C

BNB Investment & Properties Ltd. Vs DCIT (ITAT Delhi) - Issuance of notice under section 153C is mandatory and a condition precedent for taking action against assessee under section 153C, therefore, assessment order under section 153C issued without issuing a notice under section 153C was bad in law....

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Sec. 153C Addition cannot be made merely based on Dumb documents

ITO Vs Kranti Impex Pvt. Ltd. (ITAT Mumbai) - When dumb documents like loose sheets of papers are recovered and revenue wants to make use of it, onus rests on the Revenue to collect cogent evidence to corroborate the noting therein. As AO failed to do so, addition made under section 153C was deleted....

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Appraisal report cannot substitute requirement of recording of satisfaction in case of persons searched

Shri Anil Agarwal Vs ACIT (ITAT Indore) - Shri Anil Agarwal Vs ACIT (ITAT Indore) It has been held that even when the Assessing Officer of the person searched and the other person is common, the Assessing Officer of the person searched has to necessarily form a satisfaction that the item referred to in section 153C belongs or belong to a pe...

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S. 153C List of shareholders maintained by company cannot be said to be belonging to such shareholders

DCIT Vs Esteem Textiles P. Ltd. (ITAT Delhi) - DCIT Vs Esteem Textiles P. Ltd. (ITAT Delhi)  Evidently, AO on the basis of a letter written by the company, which was returned by the assessee by putting its signature and seal in confirmation of the accounts, had framed the assessment under section 153C. However, the said document could not be sa...

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Assessment U/s. 153C invalid if No satisfaction recorded in case of other person, i.e. assessee

PR. Commissioner of income tax delhi-18 Vs M/S. N.S. Software(Firm)(Delhi High Court) - PCIT Vs N.S. Software (Firm) (Delhi High Court) It is now a settled proposition of law that even if AO for the person from whose premises documents were seized is the same as the AO for the person to whom  document belonged, separate satisfaction notes must be recorded. In the instant case, the AO...

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Section 153C’s Popular Posts

Recent Posts in "Section 153C"

Issuance of notice U/s. 153C is mandatory for assessment u/s. 153C

BNB Investment & Properties Ltd. Vs DCIT (ITAT Delhi)

Issuance of notice under section 153C is mandatory and a condition precedent for taking action against assessee under section 153C, therefore, assessment order under section 153C issued without issuing a notice under section 153C was bad in law....

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Sec. 153C Addition cannot be made merely based on Dumb documents

ITO Vs Kranti Impex Pvt. Ltd. (ITAT Mumbai)

When dumb documents like loose sheets of papers are recovered and revenue wants to make use of it, onus rests on the Revenue to collect cogent evidence to corroborate the noting therein. As AO failed to do so, addition made under section 153C was deleted....

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Appraisal report cannot substitute requirement of recording of satisfaction in case of persons searched

Shri Anil Agarwal Vs ACIT (ITAT Indore)

Shri Anil Agarwal Vs ACIT (ITAT Indore) It has been held that even when the Assessing Officer of the person searched and the other person is common, the Assessing Officer of the person searched has to necessarily form a satisfaction that the item referred to in section 153C belongs or belong to a person other […]...

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S. 153C List of shareholders maintained by company cannot be said to be belonging to such shareholders

DCIT Vs Esteem Textiles P. Ltd. (ITAT Delhi)

DCIT Vs Esteem Textiles P. Ltd. (ITAT Delhi)  Evidently, AO on the basis of a letter written by the company, which was returned by the assessee by putting its signature and seal in confirmation of the accounts, had framed the assessment under section 153C. However, the said document could not be said to belong to […]...

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Assessment U/s. 153C invalid if No satisfaction recorded in case of other person, i.e. assessee

PR. Commissioner of income tax delhi-18 Vs M/S. N.S. Software(Firm)(Delhi High Court)

PCIT Vs N.S. Software (Firm) (Delhi High Court) It is now a settled proposition of law that even if AO for the person from whose premises documents were seized is the same as the AO for the person to whom  document belonged, separate satisfaction notes must be recorded. In the instant case, the AO’s note […]...

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Assessment U/s. 153C not valid in Absence of incriminating material

Shri Balaji Builders Kakinada Vs ACIT (ITAT Visakhapatnam)

Shri Balaji Builders Kakinada Vs ACIT (ITAT Visakhapatnam) Merely because books of account could not be traced at the time of survey/search, it could not be presumed that the books of account were not maintained unless all the efforts were made by AO. Further As per the provisions of section 153C of the Act, it […]...

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Sec 153C: Mere hand written paper could not be construed as books of accounts

Shree Radhey Technologies (P) Ltd. Vs ACIT (ITAT Delhi)

Mere hand written paper could not be construed as books of account or documents in terms of section 153C and such documents having no signature of assessee-company or its employees could not be stated as belonging to assessee, so as to invoke section 153C....

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Notice not become invalid for Mere mention of wrong section i.e. 153A instead of 153C

Dy. CIT Vs K.M. Nagaraj (ITAT Bangalore)

The only mistake on the part of AO was in mentioning section 153A, instead of section 153C. If this mistake was not allowed to be cured, the very purpose and object of enacting section 292B would be defeated as impugned notice in substance and effect, was in conformity with or according to the intent and purpose of the Act....

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Recording of satisfaction by AO of “person searched” is a condition precedent for AO of “other person” to acquire jurisdiction

Adarsh Kumar Vs. DCIT (ITAT Delhi)

Recording of satisfaction by AO of person searched is a condition precedent for AO of other person to acquire jurisdiction and unless jurisdictional condition is satisfied, there can be no question of making assessment or reassessment in the case of such other person....

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Assessment U/s. 153C liable to be quashed if No satisfaction recorded by AO

Zaidun Leeng Sdn Bhd Artefact Projects Ltd. (JV) Vs Dy. CIT (ITAT Nagpur)

These are cross appeals by the assessee and the Revenue emanating out of the orders of learned CIT(Appeals)-III, Nagpur for assessment years 2008-09 and 2009-10 respectively. Since the issues are connected and the appeals were heard together...

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