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2015 (10) TMI 1761

Gifts received from family members - Could not be proved to be genuine by the Assessee - whether income related to incriminating documents found during the search u/s 132 could be assessed u/s 153A even though the provisions of Section 153A mandate that the Assessing Officer assess or reassess the Total Income of the Assessee searched u/s 132? - ITAT deleted the addition - Held that:- On issue of jurisdiction itself the issue stands concluded against the revenue by the decision of this Court in .....

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le a/w Ganesh Lanbade and Mrs. Padma Divakar, Adv For the Respondent : None ORDER P. C. This appeal under Section 260-A of the Income Tax Act, 1961 (the 'Act') challenges the order dated 6 November 2012 passed by the Income Tax Appellate Tribunal (the 'Tribunal'). The Assessment Year involved is A.Y. 2005-06. 2. The following questions of law have been urged by the revenue for our consideration: "A) Whether on the facts and in the circumstances of the case and in law, the Tr .....

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the Act. Admittedly, no notice under Section 143(2) of the Act has been issued. Thereafter on 5 January 2007, a search was conducted on the respondent-assessee under Section 132 of the Act. Consequent thereto, proceedings under Section 153A of the Act were initiated. During the assessment proceedings for A.Y. 2005-06, the Assessing Officer added an amount of ₹ 93.72 lakhs (declared as gifts) as being covered by Section 68 of the Act and an amount of ₹ 43.67 lakhs (accumulated profit .....

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t made under Section 153A of the Act. This on account of the fact that no assesment in respect of the six assessment years were pending so as to have abated. The impugned order accepted the aforesaid submission of the respondent-assessee by interalia placing reliance upon the decision of the Special Bench of the Tribunal in AlCargo Global Logistics Ltd. rendered on 6 July 2012. The Tribunal in the impugned order further held that no incriminating material was found during the course of the searc .....

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ng proceedings under Section 153A of the Act which are contrary to and/or not disclosed during regular assessment proceedings. 7. In view of the above, on issue of jurisdiction itself the issue stands concluded against the revenue by the decision of this Court in Continental Warehousing Corporation (Nhava Sheva) Ltd. (supra). In the appeal before us, the revenue has made no grievance with regard to the impugned order of the Tribunal holding that in law the proceedings under Section 153A of the A .....

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