Wednesday 9 September 2015

Block assessment set aside as AO failed to record satisfaction prior to issuing sec. 153C notice

IT: Where pursuant to search proceedings carried out at premises of partners, assessment proceedings were completed in case of assessee-firm under section 153C, read with section 143(3), since no satisfaction had been recorded prior to issuance of notice under section 153C, impugned assessment proceedings deserved to be quashed

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