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2023 (10) TMI 569 - HC - Income TaxAssessment u/s 153A - re-open the completed/unabated assessments - absence of any incriminating material found during the course of the search - ITAT deleted the additions - Availability of alternive remedy to the revenue for assessment u/s 147/148 - HELD THAT:- As on true interpretation of Section 153A in case of a search u/s 132 or requisition u/s 132A and during the search any incriminating material is found, even in case of unabated/completed assessment, AO would have the jurisdiction to assess or reassess the 'total income' taking into consideration the incriminating material collected during the search and other material which would include income declared in the returns, if any, furnished by the assessee as well as the undisclosed income. In case during the search no incriminating material is found, in case of completed/unabated assessment, the only remedy available to the Revenue would be to initiate the reassessment proceedings under sections 147/48 of the Act, subject to fulfilment of the conditions mentioned in sections 147/148, as in such a situation, the Revenue cannot be left with no remedy. Therefore, even in case of block assessment under section 153A and in case of unabated/completed assessment and in case no incriminating material is found during the search, the power of the Revenue to have the reassessment under sections 147/148 of the Act has to be saved, otherwise the Revenue would be left without remedy. Thus, the view is based upon the decision of the Division Bench of this Court in the case of Continental Warehousing Corporation (Nhava Sheva) Ltd.[2015 (5) TMI 656 - BOMBAY HIGH COURT] finds support in Abhisar Buildwell (P.) Ltd. [2023 (4) TMI 1056 - SUPREME COURT] - Considering this position, the only question which arises for determination would have to be answered against the Revenue.
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