TMI Blog2024 (2) TMI 269X X X X Extracts X X X X X X X X Extracts X X X X ..... copy of the order passed by Interim Board for Settlement, wherein the application filed one of the directors of the assessee company, has been accepted. It is further observed, in the said order the Settlement Commission has observed that since Shri Rajiv Garg is the key person of the group and manages all financial affairs and further that he is responsible for earning undisclosed income emerging from the seized materials, all the transactions, which do not belong to any particular group, should be considered in his hands. Therefore, in view of the aforesaid observations of the Settlement Commission, all the issues relating to the additions made at the hands of the assessee and disputed before us need a fresh look at the end of the AO. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e hands of assessee company particularly when the seized documents forming the basis of aforesaid addition do not belong or pertain to the assessee; the ownership of seized documents forming the basis of aforesaid additions being acknowledged in the hands of Sh. Rajiv Garg, director of company in his individual capacity in the application filed before Income Tax Settlement Commission u/s 245C of the Act. 3. Briefly, the facts are, the assessee is a resident corporate entity. Pursuant to a search and seizure operation conducted on the assessee under section 132 of the Income-tax Act, 1961, proceedings under section 153A of the Act were initiated. In course of assessment proceedings, based on materials found and seized during the search a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... djudication. 6. We have considered rival submissions and perused materials on record. It is evident, before learned first appellate authority, the assessee had specifically pleaded that various additions made by the Assessing Officer at the hands of the assessee have actually been owned up by one of the directors of the company, Shri Rajiv Garg and he has made an application before the Settlement Commission for settling the dispute regarding those additions. It is observed, learned first appellate authority did not accept the aforesaid contention of the assessee since the proceedings before the Settlement Commission were not finalized. However, before us, learned counsel for the assessee has furnished a copy of the order dated 11.10.2023 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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