| |
The Tax PublishersI.T. (S.S.) A. No. 53/Kol/2018
2021 TaxPub(DT) 1328 (Kol-Trib) : (2021) 086 ITR (Trib) 0099INCOME TAX ACT, 1961
Section 153A
Addition made in the order passed under section 153A read with section 143(3) was not based on any incriminating material found during search and as assessment for concerned assessment remained unabated as on date of search, therefore, addition could not be sustained.
|
Search and seizure - Assessment under section 153A - No incriminating material found during search - Unabated assessment
AO pursuant to search conducted at assessee's premises, framed assessment under section 153A and made addition on account of unexplained share application money. Assessee challenged this on the ground of no incriminating material found during search. Held: Addition made in the order passed under section 153A read with section 143(3) was not based on any incriminating material found during search and as assessment for concerned assessment remained unabated as on date of search, therefore, addition could not be sustained.
Followed:Dy. CIT v. Rashmi Float Glass Ltd. I. T. (S. S.) A. No. 70/Kol/2017, assessment year 2010-11, Order, dated 12-12-2018, CIT v. Veerprabhu Marketing Ltd. (2016) 388 ITR 574 (Cal) ; (2016) 73 Taxmann.com 149 (Cal-HC) : 2016 TaxPub(DT) 4132 (Cal-HC) and Pr. CIT v. Salasar Stock Broking Ltd. in G.A. No. 1929 of 2016, ITA. No. 264 of 2016, Judgment dated 24-8-2016.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2011-12
INCOME TAX ACT, 1961
Section 253(5)
 SUBSCRIBE FOR FULL CONTENT
|