INCOME TAX ACT, 1961

Section 153A

Search and seizure - Assessment under section 153A - No incriminating material found during search - Unabated assessment

Search was carried out in assessee's case. AO noticed that as per information available with investigation wing, assessee was having Foreign Bank Account with HSBC Bank at Geneva. AO then referred to statement of son of assessee recorded with reference to the bank acount maintained with HSBC, Geneva, Switzerland. AO, however, on the basis of information received in this matter, made addition on account of maximum outstanding balance lying in bank account maintained with, HSBC, Geneva, AO thus, completed the assessment under section 153A. Assessee challenged this on the ground of incriminating material found during search. Held: During the course of search no incriminating material was found against assessee for maintaining any bank account with HSBC, Geneva, Switzerland. As regular assessment for the year under consideration remained unabated as on date of search, therefore, same could not be interfered with while framing search assessment under section 153A.

Relied:Pr. CIT Central-2 New Delhi v. Meeta Gutgutia, Prop. Ferns 'N' Petals 2017 TaxPub(DT) 1767 (Del-HC) and CIT (Central)-III v. Kabul Chawla (2015) 380 ITR 573 (Del-HC) : 2015 TaxPub(DT) 3486 (Del-HC).

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2006-2007 to 2011-2012

INCOME TAX ACT, 1961

Section 271(1)(c)

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