Vivek Jalan
Quick Summary
Overview The provisions of Section 153A of the Income Tax Act empower the Assessing Officer (AO) to issue notices and reassess income for six assessment years immediately preceding the year of a search. While all pending assessments or reassessments as on the date of the search abate, completed or
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FAQ :
Section 153A allows the Assessing Officer to issue notices and reassess income for the six assessment years preceding the year of a search.
Completed or finalised assessments (unabated assessments) remain protected and cannot be disturbed unless incriminating material is discovered during the search.
Additions can only be made to non-abated assessments if there is incriminating material found during the search, such as undisclosed income, property, books of account, or documents.
If no incriminating material is found for completed assessments, the Assessing Officer must reiterate the original assessment and cannot make new additions.
Allegations such as bogus purchases, labour expenses, subcontracting expenses, unsecured loans, or interest disallowances require supporting incriminating material to be made under Section 153A.
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