Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (7) TMI 320 - AT - Income TaxAssessment u/s 153A - addition on account of disallowance u/s 10(38) - HELD THAT:- The impugned disallowance is not based on any incriminating material found as a result of search. CIT (A) has confirmed the addition on the ground that there is no explanation as to the contradictory stand in as much as surrender was made in Assessment years 2014-15 and 2015-16 but not in the instant year. AR has explained that the scrips in Assessment year 2014-15 and 2015-16 were M/s Kappac Pharma Ltd. and M/s Swift IT Infrastructures & Services Ltd., which is different from the scrip in the instant year, namely M/s KGN Industries Ltd. DR has not been able to rebut the above factual submission and also not highlighted any incriminating material found as a result of search despite copies of ‘panchnamas’ having been again placed on record by the Ld. AR. We hold that the Ld. CIT (A) was not justified in upholding the action of the Assessing Officer in assuming jurisdiction u/s 153A of the I.T. Act. Accordingly, the disallowance made by the Assessing Officer and as upheld by the Ld. CIT (A) in the 153A assessment proceedings being void ab initio is deleted. - Decided in favour of assessee.
|