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| The Tax Publishers2020 TaxPub(DT) 0746 (Mum-Trib) INCOME TAX ACT, 1961
Section 153A
Once there was no search material or incriminating material found during the course of search, no assessment can be framed under section 153A, hence, appeal of assessee was allowed.
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Search and seizure - Assessment under section 153A - Addition without any seized material despite the fact that these are search assessments -
A search under section 132 was carried at the premises of assessee and AO made certain additions despite that fact tha additions are not based on any seized material. Assessee stated that Principal condition is that there should have been seized material and only then assessment can be framed under section 153A. Held: This issue was squarely covered by the decision of High Court in the case of Continental Warehousing Corporation (Nhava Sheva) Ltd. ((2015) 374 ITR 645 (Bom) : 2015 TaxPub(DT) 2182 (Bom-HC)), Once, there is no search material or incriminating material found during the course of search, no assessment can be framed under section 153A, hence, appeal of assessee was allowed.
Held:
Followed:CIT v. Continental Warehousing Corporation (Nhava Sheva) Ltd. & Anr. (2015) 374 ITR 645 (Bom) : 2015 TaxPub(DT) 2182 (Bom-HC) VD. Vachhani (Huf). v. Asstt. CIT (2003) 86 ITD 652 (Ahd) : 2003 TaxPub(DT) 0263 (Ahd-Trib)
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2003-04, 2005-06, 2006-07 & 2007-08
IN THE ITAT, MUMBAI BENCH
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