Praveen Kumar Gupta vs DCIT, Central Circle-16

Parties Involved

Facts Summary

The assessee, Praveen Kumar Gupta, filed his return of income for the year under appeal on 06.01.2024, declaring total income of INR 24,55,810/-. A search and seizure operation was conducted on 15.02.2024 on the business and residential premises of Mahavir Prasad & Sons and others. The case was centralized with the Assessing Officer (AO) of Central Circle. The statutory notice under section 143(2) was issued on 28.06.2024. The AO made an addition of INR 7,84,426/- under section 69C of the Act and assessed the total income at INR 32,40,236/-. The assessee challenged the assessment order passed under section 143(3) of the Act, arguing that the assessment should have been completed under section 147/148 of the Act as a search was conducted on or after 01.04.2021.…

Legal Issues

• 1. Whether the assessment order passed under section 143(3) of the Act is valid when a search is conducted on or after 01.04.2021?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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