Section 292C deems that when any material is found in premises of a person searched or surveyed, it may be presumed that material belongs to the person, that the contents of such material is true and handwriting in that document is of that person.
Section 168 of the Act applies to executors as well as to administrators or other person administrating the estate of a deceased person.
Sections 159 and 168 of the Act deal with assessments on legal representatives. Section 159 of the Act is meant to enable the revenue to make an assessment on legal representation in respect of the income which accrued to or was received by the deceased,
||AB & Co., is a partnership firm having two partners A & B. In April, 2011 search u/s. 132 was conducted on both A & B partners, while survey u/s. 133 was conducted on AB & Co. Some unaccounted sale bills of AB & Co. relating to financial year 2010-11 were found at residence of A. Notice u/s. 153C dated October, 2013 was served on AB & Co. for previous six years. AO has added total of all sale bills found at residence of A in the total income of AB & Co., in financial year 2010-11.
a) Whether notice u/s. 153C issued to AB & Co., in October, 2013 is valid or time barred?
b) Whether total sale bills (and not G.P.) added is proper?
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||CA. H. N. Motiwalla
||13(3), 132, 153C
||Assessment, search assessment, survey, time limit
Section 153B provides time limit for completion of assessment under section 153A. Time limit for completion of assessment for all seven years i.e. preceding six years and the year of search, is two years from the end of the financial year in which last of the authorisation for search under section 132