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2023 (10) TMI 373 - AT - Income TaxAssessment u/s 153A - Addition of unsecured loan receipts u/s 68 - as per assessee genuine loan is received where Identity, Genuineness and Creditworthiness had been proved - HELD THAT:- As per Meeta Gutgutia case [2017 (5) TMI 1224 - DELHI HIGH COURT] no assessment was pending on the date of search and the addition has been made merely on the basis of the book entries already disclosed to the department. Further, reliance is also placed on the decision of the Hon’ble Jurisdictional High Court in the case of PCIT Vs. Subhash Khattar [2017 (7) TMI 1091 - DELHI HIGH COURT] The entire issue stands settled by the judgment of Hon’ble Apex Court in the case of M/s. Abhisar Buildwell P. Ltd. [2023 (4) TMI 1056 - SUPREME COURT] wherein the held that in case no incriminating material is unearthed during the search, the AO cannot assess or reassess taking into consideration the other material in respect of completed assessments/unabated assessments. Hence, we hold that no addition can be made in the case of the assessee sans seized material. Appeal of the assessee is allowed.
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