Search assessment to be based on incriminating materials- Arguments of devil’s Advocate

Coming straight to the point, since the insertion of section 153A of the Income Tax Act, 1961 (Act) there are various judgments enumerating that the scope of unabated assessment completed by the Assessing Officer U/s 153A/143(3) of the Act was limited to assess the undisclosed income only on the basis of incriminating material found during the course of search and in the absence of any such incriminating material found during the course of search, the addition made by the AO is not justified.Coming straight to the point, since the insertion of section 153A of the Income Tax Act, 1961 (Act) there are various judgments enumerating that the scope of unabated assessment completed by the Assessing Officer U/s 153A/143(3) of the Act was limited to assess the undisclosed income only on the basis of incriminating material found during the course of search and in the absence of any such incriminating material found during the course of search, the addition made by the AO is not justified.taxmann.com Latest ArticlesRead More

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