Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (4) TMI 1559 - AT - Income TaxAssessment u/s 153A - Unexplained cash credit under Section 68 - Held that:- Respectfully, following the decisions of the Hon'ble Karnataka High Court in the case of IBC Knowledge Park (P.) Ltd. (2016 (5) TMI 372 - KARNATAKA HIGH COURT), we hold that for Assessment Year 2005-06 no assessment had abated and therefore the assessment under Section 143(3) r.w.s. 153A of the Act could have been made based only on incriminating documents / material found and seized in the course of search. That clearly not being the factual matrix in the case on hand, since no incriminating material was found / seized the order of assessment for Assessment Year 2005-06 passed under Section 143(3) r.w.s. 153A of the Act vide order dt.14-3-2013 is cancelled Validity of notice, proceedings and Asst. Order against non-existent entity - Held that:- The order of assessment for Assessment Year 2007-08 dt.28-3-2013 is invalid and accordingly cancelled as the same was passed after the appointed date of 1-4-2007 on a non-existent entity. See CIT v. Intel Technology India (P.) Ltd. [2015 (5) TMI 614 - KARNATAKA HIGH COURT] Unaccounted cash payments - Held that:- AO is not sure as to who the assessee and what is the nature of transaction and why it requires to be added. Under such circumstances the addition lacks substance and not supported by any evidence requires to be deleted. Addition u/s 68 - Held that:- Addition made by the AO in respect of share application money on protective basis as unexplained cash credits u/s 68 of the Act and deleted by the ld CIT(A) in the impugned order cannot be treated as unexplained cash credits in the hands of the assessee.
|