ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, GUWAHATI vs. FORTUNE VANIJYA PRIVATE LIMITED, GUWAHATI

In the result both the appeal of the Revenue and the cross objections of the assessee stands partly allowed

Bench: Shri P.M. Jagtap, Hon’Ble V.P (Kz) & Shri A. T. Varkey, Jm]

d) deposits in bank account. According to the Ld. AR, therefore, the AO could not have usurped jurisdiction u/s 153A of the Act without first having in his possession the undisclosed/unaccounted asset qua the assessee qua AY 2011-12 in terms of the fourth proviso to Section 153A of the Act, which is the jurisdictional fact. According to Shri Dudhwewala