2016 (4) TMI 352 - ITAT DELHI
M/s DMA Investment Pvt. Ltd., ACIT Versus DCIT, M/s DMA Investment Pvt. Ltd.
Validity of the order passed by the AO u/s. 153A - Held that - AO has completed the assessment and made the addition in dispute without any incriminating material found during the search and seizure operation and the addition in this case was purely based on the material already available on record. Hence, the addition in the case is deleted and the ground raised by the assessee in the appeal is allowed. - Share transactions - STCG or business income - Held that - CIT(A) rightly directed the AO to treat the capital gain/loss arising out of share transaction as business income /loss on account ....... - .......
2016 (4) TMI 517 - ITAT DELHI
ACIT, Central Circle-II, New Delhi Versus M/s Hindustan Syringes & Medical Devices Ltd.
Assessment u/s. 153 - AAddition on account of excess depreciation - Held that - CIT(A) has rightly held that in the absence of any material found during the search, as a result, no disallowance / additions can be made in the assessment u/s. 153A of the I.T. Act. - As per record, of this case the depreciation claim restricted by the AO is not based upon incriminating material/ documents found in the search operations. Therefore, the additions made by the AO is not sustainab ....... - .......
2016 (4) TMI 336 - BOMBAY HIGH COURT
Commissioner of Income-Tax, Central-II, Mumbai Versus M/s Thakkar Popatlal Velji Sales Ltd.
Scope of assessment u/s 153A - Addition on account of the undisclosed turnover - Held that - We find that the issue raised herein is no longer open to debate as it is covered by the decision of this Court in the case of All Cargo Global Logistics Ltd. (2012 (7) TMI 222 - ITAT MUMBAI(SB)). It dealt with both pending assessment as well as completed assessment. In the above case, three years out of six assessment years were pending assessment for the purpose of Section 153A of the Act. Therefore, the decision of this Court in All Cargo Global Logistics Ltd. (supra) would apply to the present fact ....... - .......
2016 (3) TMI 976 - DELHI HIGH COURT
Praveen Kumar Jolly, TJG Holding Pvt. Ltd. Versus Director General of Income Tax (Investigation) Delhi & Others, Union of India Through Secretary & Others
Assessment u/s 153A - Held that - As far as TGJ s concerned, there is no denial of the fact that no search took place in its premises. Only a survey was undertaken. Consequently, the Court considers it to be a waste of time to require the Petitioners to now go before the AO. - For the search to be undertaken under Section 132 of the Act, there had to be a recording of reasons to believe that the information that may be unearthed cannot otherwise be gathered through a regular enquiry. It appears that the entire search proceeding as far as Mr Jolly was concerned was unnecessary as the informatio ....... - .......
2016 (4) TMI 805 - ITAT JAIPUR
Damodar Das Agarwal and Nirmal Kumar Agarwal, Versus A.C.I.T., Central Circle-1, Jaipur
Assessment u/s 153A - disallowance of interest U/s 36 - Held that - The notices U/s 153A were issued on 15/1/2010 in all the years. Even for A.Y. 2007-08 in both the cases, no notice U/s 143(2) was issued on or before 31/8/2008. It is settled law when no assessment proceedings are abated on the date of search, no notice can be sent U/s 153A of the Act to the assessee in the case of no incriminating documents were found and seized during the course of search. Therefore, we have considered view that notice issued by the Assessing Officer U/s 153A for A.Y. 2004-05, 2005-06 and 2007-08 in the case ....... - .......
2016 (4) TMI 126 - ITAT CHENNAI
Smt. Geetha Jayamurugan Versus The Deputy Commissioner of Income Tax, Central Circle 2 (1) , Chennai
Assessment under section 153A - Held that - The assessments of 2007-08 to 2011-12, which are not based on any incriminating and therefore the assessment framed under section 153A of the Act cannot be stand on its own leg, which are not framed on the basis of any incriminating material found during the course of search operation and they do not conform the mandate of section 153A of the Act. Accordingly, the assessments framed under section 153A r.w.s. 143(3) for the assessment years 2007-08 to 2011-12 five assessment years are quashed. - Assessment year 2012-13 and 2013-14, there is a time lim ....... - .......
2016 (4) TMI 701 - ITAT AHMEDABAD
Narendra Naranlal Versus The ACIT, Central Circle-1 (2) , Ahmedabad
Assessment framed u/s. 153A - addition of deemed annual letting value - Held that - As per clause IV, an assessment framed u/s. 153A cannot be arbitrarily made without any relevance or nexus with the seized material and the same has to be framed only on the basis of seized material found in the course of search. We revert back to the facts of the instant case and repeat that the impugned addition of deemed annual letting value does not have relevance and nexus with the seized material in question. We accept assesee s arguments and qu ....... - .......
2016 (4) TMI 855 - ITAT DELHI
Manjulata Kurela Versus The A.C.I.T, Central Circle - 23, New Delhi
Assessment under Section 153 - addition u/s 50C - Held that - AO has made addition by invoking deeming provision of section 50C of the Act and addition for A.Y 2005-06 has been made on the basis of facts and evidence which was already available with the AO at the time of original assessment proceedings as well as subsequent assessment proceedings which were completed on 26.12.2007 u/s 143(3) r.w.s. 153A of the Act. It is pertinent to note that the AO has not made any addition in the other A.Ys which fall within the block of A.Ys as well as in the A.Y wherein search and seizure operation was co ....... - .......
2016 (4) TMI 571 - ITAT DELHI
Neeta Saha Versus ITO, Ward 46 (1) , New Delhi
Bogus gifts - assessment u/s 153A - Held that - As apparent from the order of the CIT(A) that the statement u/s 132(4) has been recorded in the case of the husband of the assessee and not in the assessee s case. The husband of the assessee has admitted the gifts received by him to be bogus. However, there has been no such statement of the assessee that has been recorded during the search proceedings. Further it is observed that the ld. AO had not seized any documents/incriminating material, to substantiate the addition made. The addition was based on the income declared in the return of income ....... - .......
2016 (4) TMI 749 - ITAT MUMBAI
The ACIT Central Circle- 13, Mumbai Versus M/s. Giriraj Devlopers and Vica-Versa
Validity of assessment u/s 153C - Held that - In the case on hand, it is an admitted fact recorded in the orders of assessment that the incriminating documents in the form of diaries were found during the survey proceedings undertaken in the business premises of the assessee firm. It is therefore clear that the concerned documents/diaries did not emanate from out of seizures made in the course of search action. In this factual matrix of the case on hand, we find that the essential condition of section 153C of the Act is not fulfilled. Further, the Assessing Officer vide letter dt. 16/10/2015 h ....... - .......
2016 (4) TMI 576 - ITAT DELHI
ACIT, Central Circle 22, New Delhi Versus Shri Gurnam Arora and Vica-Versa
Disallowance of long term capital loss - assessment u/s 153A - Held that - Addition made by the AO by disallowing long term capital loss was not based on any incriminating material found during search operation. Accordingly, the addition is held to be ....... - .......
2016 (4) TMI 71 - ITAT JAIPUR
M/s. Trimurty Buildcon Pvt. Ltd. and Others Versus The DCIT, Circle-3, Jaipur.
Penalty under section 271(1)(c) - deemed dividend addition u/s 2(22) - assessment u/s 153A - Held that - The assessee filed the return under section 139 for all the years and disclosed the particulars of shareholding pattern, advances taken and given by the assessee company/individual in return itself. The accumulated profit also has been disclosed. Thereafter assessee filed return under section 153A of the IT Act wherein also all the detailed facts and figures were disclosed in the return. The assessee s case is auditable. The assessee at the time of quantum addition as well as at the time of ....... - .......
2016 (3) TMI 1057 - ITAT AHMEDABAD
Jay Infrastructure and Properties Pvt. Ltd. Versus ACIT, Central Circle – 1 (1) , Ahmedabad
Deemed dividend addition u/s 2(22)(e) - assessment under Section 153A - Held that - Revenue has not placed any material on record to demonstrate that incriminating material with respect to deemed dividend (which has been added in the impugned assessment) was found during the course of search at the premises of the assessee. In such a situation, we are of the view that no addition u/s. 2(22)(e) ....... - .......
2016 (3) TMI 641 - ITAT KOLKATA
DCIT, C.C XXVIII, Kolkata Versus M/s. Pratap Properties Pvt. Ltd
Penalty u/s 271(1)(c ) - whether the assessee is entitled for immunity from levy of penalty on account of Explanation 5 to Section 271(1)(c ) of the Act in respect of income offered after the search but in the return filed u/s 153C of the Act - Held that - The assessee has cumulatively satisfied all the conditions stipulated in Clause 2 of Explanation 5 to Section 271(1)( c) of the Act and hence entitled for immunity from levy of penalty for all the assessment years under appeal. - The assessee had filed the returns u/s 153C and u/s 139(1) of the Act as the case may be, and the same has been a ....... - .......
2016 (3) TMI 506 - ITAT DELHI
M/s Plastograph India Pvt. Ltd. Versus DCIT, Central Circle-25, New Delhi and ACIT, Central Circle-5, New Delhi Versus M/s Plastograph India Pvt. Ltd.
Validity of assessment u/s 153A(1)(b) - Held that - In the present case, it is an admitted fact that the search u/s 132 of the Act took place on 31.07.2008 and as per provisions contained in Section 153A(1)(b) of the Act, the assessment was to be framed for the six assessment years i.e. the assessment year 2004-05 to assessment year 2009-10. However, the AO framed the assessment for the assessment year 2003-04 also which was outside, the purview of the provisions contained in the aforesaid referred to Section 153A(1)(b) of the Act. Therefore, the assessment order passed for the assessment year ....... - .......