Brand new AO in addition to stated that specific other companies was in fact spoilt for the taking rental entries and you may Assessee team are among beneficiary away from eg records, finance believed to was indeed received of told you enterprises was basically getting handled due to the fact unexplained borrowing from the bank around Part 68 of one’s Act
S. 153C: Evaluation – Income of every other individual – Lookup – Analysis significantly less than S. 147/S.148 – emptiness abdominal initio
The fresh new Examining Officer started re also- testing process u/s 147 of one’s Act counting on all the information acquired built to the specific files receive in the course of search from the fresh properties of a 3rd party. Therefore, the newest comparison would depend abreast of brand new documents receive from inside the movement of browse from third-party properties, but and this can be produced simply u/s 153C of your Operate. The latest supply of Section 153C of the Operate is actually lured when you’ll find any incriminating records when it comes to the newest assessee that are located when you look at the search regarding 3rd party properties. 147 of the Work, therefore, invoking brand new provisions from Sec. 147, instead of 153C of the Operate seems to be wrong during the judge parlance. Whenever one incriminating data files are found Area 153C try invoked and you can a similar must be used from the Cash government due to the fact Point 147 possesses its own separate ground for invoking the fresh new arrangements. In the event that Sec. 147 was allowed on the basis of data based in the span of lookup from third-party premises, then your terms off Sec. 153C of your own Act would getting redundant.Continue reading