Section 153C of ITA, 1961 : Section 153C: Assessment Of Income Of Any Other Person
ITA, 1961
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Explanation using Example
Imagine a scenario where the tax authorities conduct a search operation on Mr. A's premises under Section 132 of the Income-tax Act, 1961. During this operation, they discover a locker containing cash and jewelry that actually belongs to Mr. B, who is not present at the site. Additionally, they find some accounting ledgers and documents that pertain to Mr. C's business transactions.
The tax authorities, upon verification, realize that the assets and documents are relevant to the tax profiles of Mr. B and Mr. C, and could affect their income tax calculat...
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