Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (10) TMI 578 - AT - Income TaxAssessment made u/s 153C - documents seized from the search operation on another person do not give rise to any undisclosed income - Held that:- In the instant case, the satisfaction under section 153C of the Act has been recorded by the Assessing Officer of the searched person on March 25, 2014. A copy of the relevant satisfaction note has been placed by the assessee. AO of the assessee has received the documents subsequent to recording of dissatisfaction and thus, even we can take this date of recording satisfaction under section 153C as the date when the Assessing Officer of the assessee received the documents from the Assessing Officer of the search person. Since this date i.e. March 25, 2014 falls in the assessment year 2014-15, the six assessment years preceding the assessment year 2014-15, are the assessment year 2008-09 to the assessment year 2013-14. Since the assessment year involved before us is 2007-08, it is beyond the six assessment years which could be assessed/reassessed under section 153C of the Act. Thus, in our opinion the assessment proceeding under section 153C of the Act in assessment year in question, is without jurisdiction and beyond the purview of the said provision. Accordingly, we quash the assessment proceeding under section 153C of the Act in the instant assessment year Effective receipt of any amount from FIIT-JEE group - Held that:- Learned counsel has failed to explain as how the funds have been utilised for charitable purpose. In the instant case by way of collusion between the FIIT-JEE group and the assessee, the funds have been given the group entities in the name of disbursement of scholarship etc. This collusion is evident from the statement of Sh. Aseem Gupta as how the cheque books of the assessee-society were controlled by the authorities of the FIIT-JEE group. By way of providing scholarship to the meritorious students, the FIITJEE group has served its business purposes of attracting the students to various courses run by them. Thus in our opinion, the funds of the assessee-society have not been utilised for the charitable purposes. We, accordingly, uphold the finding of the lower authorities in denying the exemption under sections 11 and 12 of the Act. - Decided in favour of assessee.
|