Section 153A – If a search or requisition is conducted, the AO assumes jurisdiction for block assessment u/s 153A of the Act, all pending assessments/reassessments will stand abated, meaning they will no longer be valid. Only if any incriminating material is found during the search, the AO can assess/reassess the total income, taking into consideration incriminating material and other material available with the AO, including the income declared in the returns.
PCIT v. Abhisar Buildwell (P.) Ltd. – [2023] 149 taxmann.com 399 (SC).