| |
| The Tax Publishers2023 TaxPub(DT) 1116 (Del-Trib) : (2023) 103 ITR (Trib) 0013 INCOME TAX ACT, 1961
Section 153A
There was no effective incriminating material found during search which could be said to be leading to the conclusion that purchase price of the investment was suppressed. AO himself had not mentioned what post-search enquiries had thrown up. Nothing was brought on record to show that purchase price was passed in a clandestine manner, other than that recorded in the books of account. Therefore, addition was not sustainable.
|
Search and seizure - Assessment under section 153A - AO made addition without incriminating material found during search -
AO pursuant to search conducted at assessee's premises framed assessment under section 153A and made addition towards unaccounted investment in shares on the basis of post-search enquiry. Assessee challenged this on the gorund of no incriminating material found during search. Held: In the assessment pursuant to search under section 153A addition cannot be done de hors any incriminating material found during the search. In the instant case there is no effective incriminating material found during search which could be said to be leading to the conclusion that purchase price of the investment was suppressed. AO himself had not mentioned what post search enquiries had thrown up. Nothing was brought on record to show that purchase price was passed in a clandestine manner, other than that recorded in the books of account. Therefore, addition was not sustainable.
Applied:CIT v. Kabul Chawla (2015) 380 ITR 573 (Del-HC) : 2015 TaxPub(DT) 3486 (Del-HC), K.P. Varghese v. ITO (1981) 131 ITR 597 (SC) : 1981 TaxPub(DT) 0972 (SC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2011-12
INCOME TAX ACT, 1961
Section 153A Section 153C
 SUBSCRIBE FOR FULL CONTENT
|