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2013 (8) TMI 105 - AT - Income TaxInitiation of proceedings u/s. 153C as no paper, document or any adverse material relating to assessment years were found during the search - additions on account of determination of Annual Letting Value u/s. 23(4) of the properties at 7% of investments - Held that:- No material is produced to prove that the AO in the case of person searched was satisfied that any money, bullion, jwellery or other valuable articles or things or books accounts or documents seized or requisitioned belongs to or belong to a person other than the person referred to in sec. 153A. No material is produced to show if any satisfaction was recorded by the AO in that case that the seized material belongs to any person other than the person with respect to whom search was made u/s 132. DR did not produce any material to show if any such satisfaction as required u/s 153C was recorded by the AO in the case of person searched. No material is produced to show that books accounts or documents or assets seized had been handed over to the AO having jurisdiction over such other person. In the absence of any adequate material produced by DR, the contention of assessee was justified that in this case, the AO has not recorded any satisfaction that any seized document or material belongs to any person other than the person searched - therefore no infirmity in the order of the CIT(A) in quashing the proceedings u/s 153C. The AO did not make any addition against the assessee on the basis of any adverse material. The AO passed the assessment order u/s. 153C making addition on account of determination of Annual Letting Value u/s. 23(4) of the property at 7% of investments only on notional basis and for that, no incriminating material was found against the assessee. Therefore, all the additions made in the assessment orders u/s. 153C would stand deleted. In favour of assessee.
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