Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (10) TMI 794 - AT - Income TaxAssessment u/s 153A - Unexplained receipts from share transactions - sale of shares treated as unexplained receipts - case of the assessee that the additions/disallowances could not be made in the assessment framed u/s 153A de hors reference to any incriminating material found in the course of search in this regard - HELD THAT:- We find total absence of reference to any incriminating material which may have any bearing to impugn additions/disallowances. On the contrary, it is manifest that the impugned addition has been made based on appreciation of certain data routinely poured into the department system named as Individual Transaction Statement (ITS) unconnected to search. No error in the view taken by the CIT(A) that impugned addition made by the AO is clearly beyond the scope of authority vested u/s153A owing to absence of any incriminating material or evidence deduced as a result of search. CIT(A) has rightly adjudicated the legal issue emanating on the facts available on record that in the absence of incriminating material/evidence, the additions/disallowances cannot be sustained within the pale of Section 153A - See SAUMYA CONSTRUCTION PVT. LTD. [2016 (7) TMI 911 - GUJARAT HIGH COURT] - Decided in favour of assessee.
|