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2023 (5) TMI 955 - AT - Income TaxAssessment u/s 153A - addition to the total income of the assessee of the regular items - addition u/s 68 on account of unexplained credit of share application money and premium by holding that no assessment can be made in absence of incriminating materials - HELD THAT:- Hon’ble Gujarat High Court in the case of Saumya Construction Pvt. Ltd. [2016 (7) TMI 911 - GUJARAT HIGH COURT] has held that there cannot be any addition of regular items shown in the books of accounts until and unless there were certain materials of incriminating nature found during the course of search. The word incriminating has not been defined under the Act, but it refers to those materials/ documents/ information which were collected during the search proceedings and not produced in the original assessment proceeding. Simultaneously, these documents had bearing on the total income of the assessee. Coming to the case on hand, we note that addition was made based on the statement of director of investing companies recorded in an independent proceedings u/s 132/133A/131(1) and the finding of inquiry or investigation was carried in case of investing companies without referring to incriminating document found from the premises of the assessee in this regard which would have made basis for the addition in the assessment. Accordingly, we hold that there cannot be any addition of the regular items which were disclosed by the assessee in the regular books of accounts.
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