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<br>Many small small business owners start with a sole proprietorship to avoid the costs of forming a corporation or LLC. This may be a wise decision as statistics show that a lot of small businesses throw money away for the first several years.
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If any books of accounts, documents, assets found or seized belong to any other person, the concerned AO shall proceed against other person as provided u/s 153A and 153B. The assessment u/s 153C should even be completed with twenty one months over end among the financial year when the search was conducted like assessment u/s 153A.
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