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| The Tax Publishers2021 TaxPub(DT) 3405 (Ahd-Trib) INCOME TAX ACT, 1961
Section 153A
Regular assessment which remained unabated as on date of search could not be interfered with while framing search assessment in the absence of incriminating material unearthed during search.
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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 on acount of bogus long-term capital gain on sale of shares. Assessee challenged this on the ground of no incriminating material found during search. Held: Assessment for the year under consideration remained unabated as on date of search, therefore, same could not be interfered with while framing search assessment in the absence of incriminating material unearthed during search.
Relied:CIT v. Saumya Construction Pvt. Ltd. Tax Appeal No. 24 of 2016 : 2016 TaxPub(DT) 3466 (Guj-HC), CIT (Central)-III v. Kabul Chawla (2015) 61 Taxmann.com 412 (Del-HC) : 2015 TaxPub(DT) 3486 (Del-HC).
REFERRED :
FAVOUR : In assessee favour.
A.Y. : 2011-12
IN THE ITAT, AHMEDABAD BENCH
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