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2014 (7) TMI 897 - AT - Income TaxSearch assessment u/s 153A – No incriminating materials found during search – Held that:- Assessment of income in case of search u/s 153A is to assess or reassess income for specified period – CIT(A) found that no specific seized document, much less incriminating, has been found, seized or brought on record by the AO in case of the assessee pertaining to the year - CIT(A) noticed that in the assessment order the AO has made discussion about list of 61 dummy concerns with bank accounts, undisclosed bank accounts & unaccounted business transactions pertaining to K.S. Oils Ltd., but none of them belongs or pertains to the assessee for the year under consideration nor there is any material on record proving assessee’s connection with the dummy concerns or undisclosed bank accounts or unaccounted transactions. Relying upon All Cargo Global Logistics Ltd. vs. Deputy Commissioner of Incometax, Central Circle-44 [2012 (7) TMI 222 - ITAT MUMBAI(SB)] - AO referred the material/incriminating material in respect of the group, K.S. Oils Limited as noted by the CIT(A) in his order - not a single document has been pointed out relating to the assessee even after specifically asked by the assessee - no incriminating documents or material were found during the course of search in the case of the assessee - Revenue has failed to point out any contrary material to the facts recorded and finding given by the CIT(A) - the additions are not warranted in the hands of the assessee - assessee has filed return for the AY under consideration in due course on 21.10.2004 declaring income which is same as per return filed u/s. 153A on 16.09.2011 after the search operations on 11.03.2010 - there are no pending proceedings to be abated, therefore, routine additions are not warranted - CIT(A) has rightly decided the issue in favour of the assessee – Decided against Revenue.
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