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| The Tax Publishers2019 TaxPub(DT) 1132 (Del-HC) INCOME TAX ACT, 1961
Section 153C
In view of the decision in CIT v. RRJ Securities Ltd. And Vica-Versa (2016) 380 ITR 612 (Del): 2015 TaxPub(DT) 4278 (Del-HC), as AO of searched person recorded satisfaction at a time when the assessee had filed its return for the concerned year, assessment ought to be completed under section 153(1), and not under section 143(3).
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Search and seizure - Assessment under section 153C - Recording of satisfaction -
Search and seizure operation was conducted at various premises of Group concern and allegedly incriminating documents were found and seized, that included a copy of the provisional balance sheet of assessee. AO of the searched party recorded satisfaction and in the meanwhile, assessee filed its return for the relevant assessment year. AO complete the assessment under section 143(3). Held: AO upon receipt of papers ought to have taken steps under section 153(1) and completed the assessment in the manner known to law, in accord with the decision in CIT-7 v. RRJ Securities Ltd. And Vica-Versa (2016) 380 ITR 612 (Del): 2015 TaxPub(DT) 4278 (Del-HC). Further, as AO of searched person recorded satisfaction at a time when the assessee had filed its return for the concerned year, assessment ought to be completed under section 153(1), and not under section 143(3).
Followed:CIT-7 v. RRJ Securities Ltd. And Vica-Versa (2016) 380 ITR 612 (Del): 2015 TaxPub(DT) 4278 (Del-HC)
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
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