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2019 (4) TMI 1906 - ITAT KOLKATAAssessment u/s 153A - Addition u/s 68 - commission charged @0 .5% on (such share application money of ₹ 50 lakhs), transaction at ₹ 25,000/- u/s.69C - whether no proceedings were pending before the assessing officer on the date of search and no incrementing material was found/unearthed by the search team? - HELD THAT:- Undisputedly, the assessment year under question i.e. Assessment Year 2010-11 which was not pending before the Assessing Officer on the date of search on 29.05.2012 (first search), it was also not pending on the date of second search on 02.03.2016 therefore, the assessment which is not pending before the Assessing Officer is an unabated proceeding and the Assessing Officer is empowered to make any addition only based on incriminating materials found/unearthed during search. This is a settled position of law and is no longer res integra. Therefore, we delete the addition made by AO to the tune of ₹ 50 lakhs. Commission charged @ .5% on such genuine (share application money of ₹ 50 lakhs) transaction at ₹ 25,000/- u/s.69C also deleted as consequential in nature. - Decided in favour of assessee.
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