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2019 (10) TMI 999 - AT - Income TaxAssessment u/s 153C - Addition u/s 68 - HELD THAT:- Assessment order reveals that the AO has carried out the entire exercise of assessment mechanically because satisfaction note recorded by AO of the assessee is diametrically opposite/different from the satisfaction note recorded by the AO of searched person. Satisfaction note recorded by the AO in case of the assessee is pertaining to some entries of Green Valley Resorts, Blooming Dates Resort and Kuber Breweries but bearing no mention of receiving any share application money from Binapani Merchandise. It appears that AO has lost sight of the provisions contained u/s 153C and has travelled beyond his jurisdiction without verifying the requirement that incriminating material has to be there to initiate the proceedings u/s 153C of the Act. Addition cannot be made on the basis of surrounding circumstances and statement recorded during the statement of Moolchand Malu and Vikas Kumar Agarwal recorded during the search proceedings as contended by ld. DR, hence the submissions made by the ld. DR and case laws relied upon are not applicable to the facts and circumstances of the case. We are of the considered view that the assessment framed u/s 153C is not sustainable in the eyes of law being without jurisdiction and also being time barred, hence hereby quashed without going into the merits of the case. - Decided in favour of assessee.
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