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2022 (2) TMI 590 - AT - Income TaxAssessment u/s 153A - Disallowance on account of development fee received by the assessee trust from the students - HELD THAT:- We are of the considered view that the Ld. CIT(A) has returned correct findings on the basis of fact and law applicable thereto because when original assessment has already been completed u/s 143(3) of the Act the same cannot be disturbed by way of passing assessment order under section 153C of the Act, unless there is incriminating materials seized during the search operations. When undisputedly no incriminating material has been unearthed during the search operations qua the assessment years under consideration no addition can be made. Set off of brought forward deficits/losses, being excess of expenditure over receipts, of prior years against the income of the current years - This issue has already been decided in favour of the assessee trust for A.Y. 2011-12, 2012-13 & 2013-14 in the completed assessment framed under section 143(3) of the Act. Again it is a settled principle of law that in case of completed assessment framed under section 143(3) of the Act it cannot be disturbed by the AO by framing assessment under section 153A/153C of the Act unless incriminating material qua the issue in question has been unearthed during the search operation. Undisputedly, no such incriminating material has come on record. Revenue has raised this issue just to generate unnecessary litigation on the pretext that since Department has not accepted the decision rendered by the Hon’ble Supreme Court in the case of M/s. Subros Educational Society [2018 (4) TMI 1622 - SC ORDER] the outcome of which has not been brought on record by theD.R. during the course of argument, which is not permissible under law. So in view of what has been discussed above, the CIT(A) has validly and legally decided this issue in favour of the assessee by relying upon the decision rendered by the Tribunal, Hon’ble Bombay High Court and Hon’ble Supreme Court.
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