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The Tax PublishersITA Nos. 286 & 287/Del/2015
2021 TaxPub(DT) 2660 (Del-Trib)INCOME TAX ACT, 1961
Section 153A
Regular assessment for the year under consideration remained unabated as on date of search, thereofre, same could not be interfered with while framing search assessment under section 153A.
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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 under section 68 on account of share capital and share premium. Assessee challenged this on the ground of no incriminating documents found during search. Held: Regular assessment for the year under consideration remained unabated as on the date of search, therefore, same could not be interfered with while framing search assessment under section 153A. Therefore, addition was deleted.
Followed:CIT v. Kabul Chawla (2015) 380 ITR 573 (Delhi) : 2015 TaxPub(DT) 3486 (Del-HC), CIT v. Sinhgad Technical Education Society (2017) 397 ITR 344 (SC) : 2017 TaxPub(DT) 3941 (SC) and Pr. CIT v. Allied Perfumes (P) Ltd. (2021) 431 ITR 237 (Delhi) : 2020 TaxPub(DT) 5499 (Del-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2011-12
IN THE ITAT, DELHI BENCH
AMIT SHUKLA, J.M. & PRASHANT MAHARISHI, A.M.
Dy. CIT v. Madhvilata Granite (India) (P) Ltd.
ITA Nos. 286 & 287/Del/2015
11 May, 2021
Against Revenue.
Assessee by: Rakesh Joshi, C.A.;
Department by: Ms. Pramita M. Biswas (Commissioner) Departmental Representative;
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