Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (12) TMI 472 - AT - Income TaxAddition u/s 68 - assessment u/s 153A - Held that:- As the assessee submitted before Ld. CIT(A) that original return of income was filed under section 139(1) of the Act on 30th May, 2008 which was assessed under section 143(3) on returned income of ₹ 4,97,60,866. It is, therefore, clear that prior to the search the assessment under section 143(3) was completed. It is also an admitted fact that during the course of search and seizure no incriminating evidence as regards the addition under section 68 of the act were found and seized during the course of search. Therefore, no assessment/re-assessment were pending as on the date of search. In the absence of any incriminating material during the course of search, the Ld. CIT(A) was justified in relying upon the decision of the Hon’ble Delhi High Court in the case of Kabul Chawla (2015 (9) TMI 80 - DELHI HIGH COURT) for the purpose of deleting the addition - Decided in favour of assessee.
|