Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (6) TMI 147 - AT - Income TaxAssessment u/s 153A - addition u/s 68 - As argued by assessee since no incriminating material had been found during the course of search with respect to sale of property, the impugned addition could not have been made - HELD THAT:- We note that the AO has not mentioned any incriminating material relating to this impugned transaction in the assessment order and when the issue was raised by the assessee before the Ld. First Appellate Authority, he dismissed the same in para 5.3 of the order in which he has placed reliance on the judgment of the Hon'ble Kerala High Court in the case of CIT Vs. K.P. Ummer [2019 (3) TMI 225 - KERALA HIGH COURT] as well as Raj Kumar Arora [2014 (10) TMI 255 - ALLAHABAD HIGH COURT] However, we note that apart from the judgments cited by the Ld. CIT(A) in the impugned order and also relied upon by the Ld. Sr. DR, there are numerous judgments of other Hon'ble High Courts which are in favour of the assessee on the issue as to whether in the case of assessments framed u/s. 153A of the Act, addition could be made in absence of any incriminating material in those years where no assessment proceedings were pending and assessment had been made u/s. 143(1)/143 - See Malabuilders Private Limited In absence of any incriminating material found during the course of search with respect to the impugned transaction, the AO did not have any power to make the impugned addition. We set aside the order of the Ld. CIT(A) and direct the AO to delete the addition. - Decided in favour of assessee.
|