ACIT, CENTRAL CIRCLE-3, PATNA vs. BROADSON COMMODITIES PVT LTD, DHANBAD

In the result, both the appeals of Revenue are dismissed, whereas the Cross Objections filed by the assessee are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

201 96 Taxmann.com 468 [SC] it was held that section 153A is indeed an extreme potent power which enables the Revenue to re-open at least six years assessments earlier to the year of search, it is not to be exercised lightly. If there no incriminating material found in the business premises of the assessee u/s 132 the Act, invocation

ACIT, CENTRAL CIRCLE-3, PATNA vs. BROADSON COMMODITIES PVT LTD, DHANBAD

In the result, both the appeals of Revenue are dismissed, whereas the Cross Objections filed by the assessee are allowed