2016 (5) TMI 1273 - DELHI HIGH COURT

Assessment under Section 153A - whether the ITAT was correct in concluding that there had to be incriminating material recovered during the search qua the Assessee in each of the years for the purposes of framing an assessment under Section 153A of the Act? - Held that:- It is not in dispute that in respect of the Respondent Assessee for the AYs in question the initial assessment proceedings took place under Section 143(3) of the Act.

Thereafter they were sought to be reopened by issuing notice under Section 147 of the Act and re-assessment orders were passed under Section 147 read with Section 143(3) of the Act.

During both the aforementioned proceedings the question whether the gold and silver utensils were the capital assets or personal effects of the Assessee was examined. They were held not to be the personal effects. It has been noticed by the ITAT in the impugned order that for the AYs in question no incriminating material qua the Assessee was found.

See CIT v. Kabul Chawla [2015 (9) TMI 80 - DELHI HIGH COURT ] the Court is of the view that the impugned order of the ITAT suffers from no legal infirmity and no substantial question of law arises for determination.