TMI Blog2014 (7) TMI 94X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the seriousness of the proceedings - there was no justification for proceeding u/s 153C of the Act - The seizure of the ledger involving the Assessee has been referred to - no document pertaining to AY under consideration was found during seizure - The seized document was not belonging to the Assessee - The rest of the documents relate to the AY 2006-07 which is not the subject matter of CIT ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its that the appeals do raise substantial question of law and particularly with regard to the interpretation and construction of section 153C of the Income Tax Act 1961. 3. We have perused the order passed by the Income Tax Appellate Tribunal. The Tribunal had before it the peculiar facts in relation to this Foundation. The Assessee is a Trust and it was established in the year 1990 by a Trust ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ers and were not from genuine sources, that the Assessing Officer decided to initiate proceedings under section 153C of the Income Tax Act 1961 against the Trust. Mr Gupta submits that there was therefore enough material and if what is required is to be of incriminating nature, then the above referred statement of Shri Shinde and examination and scrutiny of the loose documents is enough to reach t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was no justification for proceeding under section 153C of the Act. The seizure of the ledger involving the Assessee by way of bundle No.10 has been referred to. Paragraph 16 of the Tribunal's order relates to Assessment Year 2004-05 and not for Assessment Year 2003-04 which is the year in question. The next finding of fact is that in the case of the present Assessee, apart from this, no other ..... X X X X Extracts X X X X X X X X Extracts X X X X
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