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2016 (9) TMI 1365 - AT - Income TaxAssessments under section 153A - proof of incriminating material found during the course of search - transactions reflected in the Bank account of the assessee with HSBC, Geneva, Switzerland - Held that:- There was no incriminating material found during the course of search in relation to the transactions reflected in the Bank account of the assessee with HSBC, Geneva, Switzerland and since the assessments for both the years under consideration had become final before the initiation of search, no additions on account of the said transactions or income arising therefrom were permissible in the assessments completed under section 153 of the Act. The additions as finally made to the total income of the assessee on account of transactions reflected in the Bank account of the assessee with HSBC, Geneva, Switzerland and income relating thereto for both the years under consideration are beyond the scope of section 153A as the assessments for the said years had become final prior to the date of search and there was no incriminating material found during the course of search to support and substantiate the said addition. The said additions made for both the years under consideration are, therefore, deleted allowing the relevant grounds of the assessee’s appeals. Channelizing undisclosed money through Bank account - source of monies deposited in HSBC Bank Account was his undisclosed money - Held that:- We find that this issue has become infructuous or academic as a result of the decision rendered by us on the preliminary issue raised in these appeals, holding that the additions made to the total income of the assessee on account of the income arising from the relevant transactions reflected in the HSBC Account are not sustainable in the absence of any incriminating material found during the course of search to support and substantiate the same. We, therefore, do not consider it necessary or expedient to adjudicate upon this issue on merit. Penalty imposed under section 271( 1)(c) also cancelled.
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