Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (12) TMI 350 - AT - Income TaxAssessment u/s 153A - Whether incriminating material found during the course of search on the assessee's premises? - addition of bogus exempt long term capital gains on sale of shares - HELD THAT:-Addition has been made based upon the search carried out at the premises of Shirish C. Shah and documents found during such search - such documents as relied upon by the Ld. AO found from the premises of Shri Shah and not from the assessee are the dumb documents and addition on such basis in the garb of Section 153A is not sustainable in the eye of law. Loose papers or statement recorded during the course of search/survey at Shri Shah as only relied upon; no reference of any single incriminating material found during the course of search at appellant’s premises has been made by the Ld. AO while making addition under Section 153A of the Act. All along and all through the Ld. CIT(A) considered the relevant judgments applicable to the instant case as discussed hereinabove and rejected the decision made by the Ld. AO in treating the exempt long term capital gain as undisclosed income not sustainable under Section 153A of the Act and finally deleted the addition made by the AO based upon no incriminating documents found during the course of search at appellant’s premises without any ambiguity so as to warrant interference. - Decided in favour of assessee.
|