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TMI Blog2014 (7) TMI 1133X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case, the CIT(A) has erred in not following the jurisdictional High Court decision in the case of CIT vs. NR Portfolio Pvt. Ltd. ITA No. 134/2012 dated 21.12.2012, wherein on the similar issue the Court has decided in favour of Revenue. 3. The order of the CIT(A) is erroneous and is not tenable on facts and in law." 2. The Cross Objection is filed by the assessee on the following grounds: 1. "That on the facts and circumstances of the case, the CIT(Appeals) has erred both in law and on facts in confirming the proceedings initiated u/s 153A of I.T. Act, which is bad in law in the absence of any incriminating material belonging to the assessee being found during the course of search. 2. That on the facts and circumstances of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... available on record that from its side, the appellant company has furnished all the necessary documentary evidence relating to share capital. Firstly in the original proceedings u/s 143(3) and later again in 153A proceedings. Also no incriminating document/evidence is available or new facts have emerged during the search proceedings doubting the creditworthiness or genuineness of transactions, specifically in view of the fact that in original 143(3) proceedings the identity, creditworthiness and genuineness has been accepted." (Emphasis ours) 5. To a specific question the ld. Departmental Representative relied on para 5.2 of the assessment order. This para refers post search enquiries. Thus, the undisputed fact is that no incriminating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any assessment year u/s 153A, the assessment for which is not pending on the date of search, unless any incriminating material is found in the course of search."
7. Consistent with a view taken therein, we uphold the contention of the assessee that no addition can be made for this assessment year u/s 153A has no incriminating material was found during the course of search and as no assessment is pending as on date of search.
8. As we upheld this argument of the assessee in the cross objection, we need not adjudicate the appeal of the Revenue as it would be an academic exercise.
9. In the result, the appeal of the Revenue is dismissed and Cross Objection is allowed.
Order pronounced in the open court on 18/07/2014 X X X X Extracts X X X X X X X X Extracts X X X X
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