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2021 (11) TMI 530 - AT - Income TaxAssessment u/s 153A - unexplained investment - HELD THAT:- As the impugned addition is very much based on the alleged incriminating material in annexure AKR/R/PO/01 (Pages 119 to 121) found and seized during the course of search sufficiently indicating the unexplained investment which carries presumption of correctness u/s 292C - CIT-DR has rightly pinpointed before us while referring to the assessee’s corresponding explanation before the Assessing Officer extracted in the preceding paras that he sought to shift the onus on the department despite the fact that the major component herein was claimed to be ₹ 1,50,000/- only. We thus, uphold both the learned lower authorities impugned action to this effect. CIT(A)’s directions to AO to initiate Section 147 proceedings - HELD THAT:- The same are found to be against the law since Section 153A is a specific provision applicable in case of search action initiated u/s.132 of the Act. We accordingly direct the Assessing Officer to frame his consequential computation adding the impugned sum(s) of un-explained investment in the corresponding assessment year as per the entries in the seized material. The assessee fails in its instant grievances therefore.
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