The Tax Publishers021 TaxPub(DT) 6408 (Rai-Trib) Dy. CIT v. Mahalaxmi Technocast Ltd. In Favour of Assessee, Rai-Trib, I.T.A. Nos. 256 to 259/Rpr/2014 a/w Cross Objection Nos. 42 to 45/Rpr/2015, 25-Oct-2021

INCOME TAX ACT, 1961

Section 153A

Since 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 in the absence of incriminating material found during search.

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

AO pursuant to search conducted at assessee's premises, framed assessment under section 153A and made addition under section 68 towards unexplained share capital. Assessee challenged this on the ground of no incriminating material found during search.Held: 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 in the absence of incriminating material found during search.

Relied:Pr. CIT v. Meeta Gutgutia (2017) 395 ITR 526 (Del-HC) : 2017 TaxPub(DT) 1767 (Del-HC), CIT v. Kabul Chawla (2016) 380 ITR 573 (Del-HC) : 2015 TaxPub(DT) 3486 (Del-HC), Pr. CIT v. Saumya Constructions (P) Ltd. (2016) 387 ITR 529 (Guj-HC) : 2016 TaxPub(DT) 3466 (Guj-HC), Pr. CIT-1 v. Devangi alias Rupa 2017-TIOL-319-HC-AHM-IT : 2017 TaxPub(DT) 1376 (Guj-HC), CIT v. IBC Knowledge Park (P) Ltd. (2016) 385 ITR 346 (Karn-HC) : 2016 TaxPub(DT) 2423 (Karn-HC), Pr. CIT-2 v. Salasar Stock Broking Ltd. 2016-TIOL-2099-HC-KOL-IT and CIT v. Gurinder Singh Bawa (2016) 386 ITR 483 (Bom-HC) : 2016 TaxPub(DT) 3900 (Bom-HC), Pr. CIT v. Mahesh Kumar Gupta 2016-TIOL-2994-HC-Del : 2018 TaxPub(DT) 6172 (Del-HC) and the decision, dated 7-2-2017 in ITA Nos. 61/2017 and 62/2017 : 2017 TaxPub(DT) 1854 (Del-HC) &Pr. CIT-9 v. Ram Avtar Verma,Pr. CIT v. Deepak J. Panchal (Guj) 397 ITR 153 (Guj); Chetnaben J. Shah v. ITO Tax Appeal No. 1437 of 2007 Judgment, dated 14-7-2016; CIT v. Continental Warehousing Corporation (2015) 374 ITR 645 (Bom.) : 2015 TaxPub(DT) 2182 (Bom-HC); Pr. CIT v. Desai Construction (P) Ltd. (2016) 387 ITR 552 (Guj.) : 2016 TaxPub(DT) 4526 (Guj-HC), Gurinder Singh Baba (2016) 386 ITR 483 (Bom) : 2016 TaxPub(DT) 3900 (Bom-HC) & CIT v. Deepak Kumar Agarwal (2017) 398 ITR 586 (Bom) : 2017 TaxPub(DT) 4400 (Bom-HC) and Pr. CIT v. Subhash Khattar ITA No. 60/2017 Judgment, dated 25-7-2017,

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2006-07 to 2011-12

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