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2022 (9) TMI 1176 - AT - Income TaxAssessment u/s 153A - addition of LTCG on sale of shares as bogus u/s 68 - incriminating material or documents or information found during the course of search or not? - HELD THAT:- We find that on the date of search i.e. 31.10.2010, the assessment for the AY 2006-07 had already attained finality and in terms of section proviso to section 153A, it was unabated assessment. Admittedly, the addition on account of LTCG on sale of shares is not based any incriminating material or documents or information found during the course of search, albeit it was on the basis of computation of income and the information already given in the income tax return which already stood assessed. It is now well settled law where the assessment has attained finality and stands concluded at the time of search and are not abated, then no addition can be made in absence of any incriminating material or documents found during the course of search. Accordingly, the addition made by the AO u/s 68 is unsustainable on the ground that it is beyond the scope of assessment u/s 153A. Accordingly, the ground of the appeal raised by the revenue is dismissed. - Decided in favour of assessee.
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