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2021 (7) TMI 236 - AT - Income TaxAssessment u/s 153A - incriminating materials have been found during the search or not? - HELD THAT:- The date of search in the present case was on 26.08.2015 and the assessment for the assessment year 2012-13 has been completed u/s 143(3) and the amount received from M/s Cindy Goods & Supply Pvt. Ltd. of ₹ 3,50,00,000/-, thus the assessment in question has to be treated as a completed assessment not as an assessment kept in abeyance which necessitates the requirement of incriminating material to make any addition u/s 153A. Keeping in view the fact that no incriminating materials have been found during the search which led to the addition, the fact that the lender company cannot be treated as a paper company owing to the returned income mentioned above, keeping in view the order of the Co-ordinate Bench of the Tribunal regarding the treatment of amounts received from M/s Cindy Goods & Supply Pvt. Ltd. in the case of Nimbus India Ltd. which was also assessed u/s 153A and since the sources have been substantiated, we hereby hold that no addition is warranted in the case of the assessee. - Decided in favour of assessee.
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