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2021 (2) TMI 654 - AT - Income TaxAssessment u/s 153A - incriminating material found and seized during the course of conduct of search or not? - Addition relating to agricultural income on lease hold lands - HELD THAT:- We find that no documents relating to agriculture land taken on lease were found during the course of search, therefore, no addition should have been made in absence of any incriminating material found during the course of search relating to agriculture income. In search assessment, any undisclosed income, which can ultimately be added, is only to the extent of any unrecorded assets / material found or any incriminating documents found as representing undisclosed income earned. Thus, it is evident that the A.O has not made any specific reference to the incriminating material found during the search in respect of additions made by him. Under these facts non reference to the incriminating material by the A.O is contrary to the settled position of law. Thus, the assessments, so framed, are bad in law. Therefore, we quash the assessment orders under consideration - Decided in favour of assessee.
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