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2022 (8) TMI 268 - Income Tax
Assessment u/s 153A - Whether no incriminating material was found during the course of search? - HELD THAT:- No other material found during search pertaining to M/s KGN Industries Ltd. has been placed on record. Revenue has not placed on record any incriminating material which was found as a result of the search conducted on the assessee herein. It is also the contention of the assessee that there was no surrender by him unlike Sh. Madho Gopal Agarwal and he, therefore, specifically disputed that any notice u/s 153A of the Act could have been initiated against him. The said facts are not disputed by the counsel for the Revenue.
On the date of search, admittedly, the assessment with respect to the AY under consideration 2011-12 admittedly stood completed. Since no assessment was pending for the relevant AY 2011-12 on the date of search and no incriminating material was found during the course of search, the issue is covered in favour of the assessee by the judgment of this Court in the case of Commissioner of Income Tax v. Kabul Chawla [2015 (9) TMI 80 - DELHI HIGH COURT] and Principal CIT vs. Meeta Gutgutia [2017 (5) TMI 1224 - DELHI HIGH COURT].- Decided in favour of assessee.