| |
| The Tax Publishers2020 TaxPub(DT) 2428 (Rkt-Trib) INCOME TAX ACT, 1961
Section 153A
As assessments for the years under consideration, i.e., assessment years 2005-06 and 2006-07 remained unabated as on date of search, therefore, no disallowance could be made in the absence of any incriminating material found during search.
|
Search and seizure - Assessment under section 153A - No incriminating material unearthed during search - Unabated assessment
AO pursuant to search conducted at assessee's premises framed assessment under section 153A and made disallowance under section 40A(3). Assessee challenged this on the ground of no incriminating material unearthed during search. Held: As assessments for the years under consideration, i.e., assessment years 2005-06 and 2006-07 remained unabated as on date of search, therefore, no disallowance could be made in the absence of any incriminating material found during search.
REFERRED : CIT v. Gurinder Singh Bawa (2017) 79 taxmann.com 398 (Bom) : 2016 TaxPub(DT) 3900 (Bom-HC), CIT v. Continental Warehousing Corporation (Nhava Shiva) Ltd. and All Cargo Global Logistics Ltd. (2015) 374 ITR 645 (Bom) : 2015 TaxPub(DT) 2182 (Bom-HC)
FAVOUR : In assessee's favour.
A.Y. : 2005-06 & 2008-09
INCOME TAX ACT, 1961
Section 153A
 SUBSCRIBE FOR FULL CONTENT
|