[aaykarbhavan] Assessment in case of search could be initiated even if no undisclosed income was unearthed during search

 

Assessment in case of search could be initiated even if no undisclosed income was unearthed during search

October 7, 2014[2014] 49 taxmann.com 98 (Karnataka)

IT : Once proceedings under section 153A is initiated pursuant to search, order of assessment in respect of six years stands reopened and, therefore, in absence of any valid assessment order in existence, revisional proceedings under section 263 cannot be initiated in such a case

IT : Condition precedent for application of section 153A is that there should be a search under section 132, however, initiation of proceedings is not dependent on any undisclosed income being unearthed during such search

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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