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2023 (10) TMI 1195 - ITAT CHENNAIAssessment u/s 153A - income which had escaped assessment represented in the form of unaccounted cash paid for the acquisition of various assets by the assessee company - assessment based on loose sheet found during the search at the premise of assessee’s major supplier of bottles and cartons HELD THAT:- As proviso to sub-section (1) of section 153A we are of the opinion that the loose sheet containing information regarding over-pricing or over-invoicing of purchase cost of bottles cannot be considered as an asset for the reason that the word “asset” is explained in Explanation 2 to fourth proviso to Sec. 153A which means any investment of the assessee towards land or building or both, share and securities, loan and advances, deposits in bank account. Moreover, in the assessment order, AO did not mention any evidence to corroborate his claim that the unaccounted cash was paid by the assessee for purchase of its assets or there were any unexplained asset/investment which had been purchased from the alleged unaccounted cash. As relying on Viraj Profiles Limited case [2023 (5) TMI 358 - ITAT MUMBAI] we are of the considered opinion that the ld. CIT(A) has rightly held that the notice issued u/s 153A is without jurisdiction and quashed the assessment so framed under section 143(3) r.w.s. 153A - Decided in favour of assessee.
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