The Tax Publishers2020 TaxPub(DT) 3299 (SC) : (2020) 269 TAXMAN 0385

INCOME TAX ACT, 1961

Section 261 Section 153A

Where the Department preferred SLP to appeal against the judgment of Bombay High Court in Pr. CIT v. Caprihans India Ltd. [ITA Nos. 1251 to 1253 of 2016, dt. 4-1-2019] : 2020 TaxPub(DT) 3298 (Bom-HC), whereby it was held that it was an undisputed position that the issue was covered by judgment of this Court in case of CIT v. Continental Warehousing Corporation (Nhava Sheva) Ltd. (2015) 58 Taxmann.com 78 (Bom) : 2015 232 Taxman 270 (Bom) ; (2015) 374 ITR 645 (Bom) : (2015) TaxPub(DT0 2182 (Bom-HC). In such judgment the view of the High Court was that only undisclosed income and undisclosed assets detected during search could be brought to tax in relation to these relevant assessment years for which the notice under section 153A was issued. Therefore, appeal filed by revenue was dismissed, the Supreme Court dismissed the SLP on the ground of low tax effect.

Appeal (Supreme Court) - Special leave petition - Search and seizure - Assessment under section 153A--Necessity of incriminating material during the course of search

Department preferred SLP to appeal against the judgment of Bombay High Court in Pr. CIT v. Caprihans India Ltd. [ITA Nos. 1251 to 1253 of 2016, dt. 4-1-2019] : 2020 TaxPub(DT) 3298 (Bom-HC), whereby it was held that it was an undisputed position that the issue was covered by judgment of this Court in case of CIT v. Continental Warehousing Corporation (Nhava Sheva) Ltd. (2015) 58 Taxmann.com 78 (Bom) : 2015 232 Taxman 270 (Bom) ; (2015) 374 ITR 645 (Bom) : (2015) TaxPub(DT0 2182 (Bom-HC). In such judgment the view of the High Court was that only undisclosed income and undisclosed assets detected during search could be brought to tax in relation to these relevant assessment years for which the notice undr section 153A was issued. Therefore, appeal filed by revenue was dismissed.Held: The Supreme Court dismissed the SLP on the ground of low tax effect.

REFERRED :

FAVOUR : SLP dismissed.

A.Y. :

IN THE SUPREME COURT OF INDIA

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