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2013 (12) TMI 532 - AT - Income TaxValidity of proceedings u/s 158BD – Search and seizure operation were carried out on the residential and office premises of M/s Keystone Realtors Pvt. Ltd., of which CPDPL is one of the group companies - In the search, the JV agreement was found and seized and along with that certain documents were seized wherein there was evidence on money having been received by the assessee on the sale of some flats by such company – Held that:- Following Manish Maheshwari vs ACIT [2007 (2) TMI 148 - SUPREME COURT OF INDIA] - For the purposes of initiating proceedings u/s 158BD, the AO who had conducted search, must record reasons for transferring material connected with another person and transfer the material to the AO having jurisdiction over the person, on whom the block assessment has to be framed - As borne out from the letter from the ACIT 17(3) “The material and statement asked for are not in possession" - This fact is further strengthened, because, the DR sought time to ask the AO one last time, which was duly allowed to the DR, to enquire, whether there is any material against the assessee, the DR, once again, showed his helplessness on the issue of producing the material relied upon by the AO to initiate and make an assessment under section 158BD – Decided against assessee.
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