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2020 (8) TMI 819 - AT - Income TaxAssessment u/s 153C - HELD THAT:- Search was carried out in the case of M/s. Adarsh Developers and incriminating documents were found and seized in the course of search and those incriminating documents had a bearing on the assessee’s total income and therefore, AO of the searched person has recorded his satisfaction and provided the seized material to the AO of the assessee. No infirmity in the order of CIT(A) in both years as per which it was held by CIT(A) that there is no merit in this claim of the assessee that there was lack of jurisdiction and that legal requirements were not complied with and the principles of law were not applied and hence, on this issue, we decline to interfere in the order of CIT(A) on this issue in both the years and accordingly, ground No.3 is rejected in both years. Set off of brought forward losses - addition made by the AO u/s 14A - HELD THAT:- Quantum of loss for the present year is dependent upon the decision of CIT(A) in the first appeal for AY 2010-11 in which the assessee has challenged the addition made by the AO u/s 14A. Similarly, the Assessment Order for Assessment Year 2011-12 is available and as per the same, the assessee claimed loss in this year but the AO made addition u/s 14A of the Act and determined the net loss for that year and hence, the quantum of loss for the present year year is also dependent upon the decision of CIT(A) in first appeal for Assessment Year 2011-12 which is still pending before learned CIT(A). Quantum of carry forward of loss in the present year is also depending upon the final decision of CIT(A) in Assessment Year 2012-13 which is still pending before CIT(A). Assessment Order for Assessment Year 2012-14 and as per the same, the assessee declared a positive income which is accepted by the AO as no addition was made in this year but as against the claim of the assessee for higher amount of brought forward losses for earlier three years as noted above, the AO set off the losses determined by him as carry forward in Assessment Year 2012-13 and determined the net taxable income for this year and therefore, the final amount of carry forward of losses for the present year is also depending upon the decision of CIT(A) in the first appeal for this year and earlier three years which are still pending before CIT(A). Not allowing MAT credit under section 115JAA - HELD THAT:- Decision of both lower authorities that no MAT credit is available but since the assessee has claimed brought forward losses in Assessment Year 2014-15 which is held to be Nil by the AO as per the AO, the amount of MAT credit available in the present year is also depending upon the result in the earlier years which are pending before learned CIT(A). Hence, we feel it proper to restore back for a fresh decision. Appeals of the assessee are partly allowed for statistical purposes.
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