section153A(1)
This query is : Resolved
ravi agarwal
(Querist)
17 May 2011
sir,
as per sec 153A(1) assssing officer shall assess or reassess total income of six assessment year immediately preceeding the assessment year relevant to previous year in which search is CONDUCTED:
so, sir whether the word used CONDUCTED is taken as theP.Y.in which search is COMPLETED or search is INITIATED , ,,
sir please solve my query.
as per sec 153A(1) assssing officer shall assess or reassess total income of six assessment year immediately preceeding the assessment year relevant to previous year in which search is CONDUCTED:
so, sir whether the word used CONDUCTED is taken as theP.Y.in which search is COMPLETED or search is INITIATED , ,,
sir please solve my query.
CA PARAS BAFNA
(Expert)
17 May 2011
AFter completion of search statement of the assessee is recorded and on the basis of the statement department initiates assessment proceedings. So, the relevant date would be the date when search is COMPLETED.
19 May 2011
In my opinion, it is the PY in which the search is initiated and not completed.
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CA PARAS BAFNA
(Expert)
19 May 2011
I may be wrong. Amol's opinion is acceptable as the limitation period is counted from the date of authorisation of such search.
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