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]

24-12-2018 and therefore on the date of search i.e. 05-12-2019, the income tax assessment for AY 2011-12 stood unabated. 33. We note that Section 153A/153C of the Act was introduced by Finance Act, 2003 w.e.f. 1-6-2003. It replaced the provisions relating to block assessment contained in Chapter XIVB and introduced the new procedure