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| The Tax Publishers2020 TaxPub(DT) 4511 (Kol-Trib) INCOME TAX ACT, 1961
Section 153A
Where clinching fact that gone un-rebutted from revenue's side was that assessee's share capital in issue amounting already stood recorded in its balance sheet forming part of regular books of account, same could not be held to be incriminating material there from forming condition precedent for setting into motion the proceedings under section 153A.
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Search and seizure - Assessment under section 153A - Finding of incriminating material during search - Share capital, on which addition was made already recorded in balance sheet
AO made addition under section 68 on account of share capital while framing assessment under section 153A pursuant to search action. CIT(A) quashed assessment/proceedings for want of any incriminating material found or seized during the course of search in issue. Held: Clinching fact that gone un-rebutted from revenue's side was that assessee's share capital in issue amounting already stood recorded in its balance sheet forming part of regular books of account. Same could not be held to be incriminating material there from forming condition precedent for setting into motion the proceedings under section 153A as held by Tribunal in assessee's own case [for assessment years 2007-08, 2009-10 and 2010-11].
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2008-09
IN THE ITAT, KOLKATA 'B' BENCH
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