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2023 (2) TMI 254 - AT - Income TaxAssessment u/s 153A/153C - Unexplained share application money - HELD THAT:- Facts the case in hand show that search and seizure operation u/s 132 of the Act alongwith survey operations u/s 133A of the Act were undertaken at various residential and business premises of Aseem Kumar Gupta and Group and other beneficiary group of cases on 26.03.2010. On the basis of documents seized and impounded at various premises of Aseem Kumar Gupta, notice u/s 153C of the Act was issued for the captioned Assessment Years and assessment in these cases were completed by the Assessing Officer and on these facts, the ld. CIT(A), Central-2, New Delhi by his order treated the impugned assessment as null and void. Jurisdiction u/s 153C for assessing 6 years preceding the year in which search was initiated can be invoked only when impugned documents are seized u/s 132 or requisitioned u/s 132A. It cannot be invoked in the case of impounding of documents u/s 133A. The very foundation for instituting the proceedings u/s 153C is missing. It has been held by ITAT, Chennai in the case of ACIT vs M.N. Rajaraman [2010 (4) TMI 922 - ITAT CHENNAI] and Meghmani Organics Ltd. [2013 (7) TMI 228 - GUJARAT HIGH COURT] that where the very foundation for instituting the proceedings by A.O. was missing, the consequential actions and orders must fail and that assessment made pursuant to such proceedings would have to be annulled. Since in the present cases there is no proper assumption of jurisdiction, the assessments made pursuant to such proceedings are annulled herewith. No submissions have been filed on other grounds. However, since the assessment is being treated as null and void - Decided in favour of assessee.
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