Scope of search assessments u/s 153A: The unending controversy
CA Vidhan Surana & CA Sunil Maloo
S. 153A, which deals with search assessments continues to baffle tax experts. In All Cargo, the Special Bench held that “completed assessments” can be assessed only on the basis of seized / incriminating material. While one view is that this interpretation is incorrect, the authors have taken the converse view after a careful study of the entire law on the subject
The scope of Assessment u/s 153A of the Income Tax Act, 1961 has been a controversial aspect since long. Though recently it has been settled courtesy to the announcement of the Finance Act 2012, which has lead to certain legal development and judicial clarification; nevertheless the verdict of Apex Court on the same is yet awaited.