Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (2) TMI 866 - AT - Income TaxValidity of Assessment u/s 153C - Whether incriminating material found during the search? - HELD THAT:- The original assessment u/s.143(3) of the Act was completed on 09.03.2017 and the assessment was framed and business loss was determined subsequent to search notice u/s.153C was issued and served on the assessee. We observed from the notice u/s.153C of the Act that the issues raised in the notice and the additions made by the AO in assessment order are not the same, in the Assessment Order AO analysed the financial statements and disallowed certain expenditures which according to the AO should have been charged to work-in-progress accordingly, he made addition. After careful consideration of the order passed by the Ld.CIT(A) and Ld.CIT(A) gave a finding that the addition made by the Assessing Officer in the Assessment Order are not based on any incriminating material found during the search it is in line with the decision of the Hon'ble Jurisdictional High Court in the case of CIT v. Continental Warehousing & All Cargo Global logistics [2015 (5) TMI 656 - BOMBAY HIGH We do not find any reason to interfere with the finding of the Ld.CIT(A) as per which Assessing Officer has not made the addition based on any incriminating material found during search. Therefore, ground raised by the revenue is dismissed.
|