The fresh new AO and additionally reported that particular other businesses had been spoilt in the delivering accommodation records and you may Assessee business becoming among recipient out-of particularly records, financing thought to have been received out-of said enterprises was are treated as the unexplained borrowing around Section 68 of your Work
S. 153C: Investigations – Money of every other individual – Lookup – Review below S. 147/S.148 – gap ab initio
The newest Evaluating Manager initiated re also- comparison process u/s 147 of the Act relying upon what received depending to the specific data files discover during the course of look out-of the site out of a third party. Ergo, the new review is based abreast of the fresh files receive from inside the course from search from 3rd party premises, however, that can be made only u/s 153C of the Operate. The newest supply regarding Part 153C of your own Work is actually attracted when there are any incriminating records over the assessee that are receive inside browse regarding third-party properties. 147 of Operate, ergo, invoking the fresh new specifications regarding Sec. 147, instead of 153C of your Work appears to be completely wrong into the court parlance. Whenever people incriminating records can be found Part 153C are invoked and you can a comparable needs to be applied by Cash authorities since the Section 147 has its own separate footing to possess invoking the new arrangements. In the event the Sec. 147 is enabled on the basis of records based in the span of search out-of 3rd party premise, then the terms out of Sec. 153C of your Operate carry out be redundant. Continue reading "It was stored one to while the zero incriminating procedure was recovered during the category regarding browse and you can seizure action, this new Ld"