Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles SMS News Highlights
        Home        
Extracts
Home List
← Previous Next →

Narendra Naranlal Versus The ACIT, Central Circle-1 (2) , Ahmedabad

2016 (4) TMI 701 - ITAT AHMEDABAD

Assessment framed u/s. 153A - addition of deemed annual letting value - Held that:- As per clause IV, an assessment framed u/s. 153A cannot be arbitrarily made without any relevance or nexus with the seized material and the same has to be framed only on the basis of seized material found in the course of search. We revert back to the facts of the instant case and repeat that the impugned addition of deemed annual letting value does not have relevance and nexus with the seized material in questio .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

tch of assessee s six appeals for assessment years 2003-04 to 2008-09, arises from separate orders of the CIT(A)-I, Ahmedabad, all dated 08-07-2011, in appeal nos. CIT(A)- I/CC.1(2)/346, 347, 348, 349, 350, and 351/2010-11, upholding Assessing Officer s action making deemed annual letting value additions u/s. 22 in income from house property amounting to ₹ 92064, ₹ 92820/-, ₹ 93576/-, ₹ 94332/-, ₹ 13564/- and ₹ 95,844/-; respectively, in proceedings under sect .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

n question. We treat IT(SS)A 525/Ahd/2011 as the lead case in this factual backdrop. 3. This assessee-individual floated a joint concern in the name of M/s. CT Corporation in shroff and commission agent business. It filed its regular return on 25-09-2003. Ld. authorized representative states that the same stood processed. The department carried out a search in M/s. Jignesh K. Thakkar group of cases on 05-02-2009. This led to seizure of some alleged incriminating material. Some of these seized do .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

t on to calculate their deemed letting value coming to ₹ 1,31,520/- qua three out of four of the above stated properties. He granted standard deduction @ 30% u/s. 24(a) to arrive at the impugned net figure of ₹ 92,064/-. 4. The assessee preferred appeal on legality of the impugned section 153C proceedings as well as contested the above stated addition on merits. The CIT(A) rejects both these substantive grounds leaving the assessee aggrieved. 5. We have heard both the parties. The as .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

abla is quoted in support holding as under:- i. Once a search takes place under Section 132 of the Act, notice under Section 153 A(1) will have to be mandatorily issued to the person searched requiring him to file returns for six AYs immediately preceding the previous year relevant to the AY in which the search takes place. ii. Assessments and reassessments pending on the date of the search shall abate. The total income for such AYs will have to be computed by the AOs as a fresh exercise. iii. T .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

A does not say that additions should be strictly made on the basis of evidence found in the course of the search, or other post-search material or information available with the AO which can be related to the evidence found, it does not mean that the assessment "can be arbitrary or made without any relevance or nexus with the seized material. Obviously an assessment has to be made under this Section only on the basis of seized material." v. In absence of any incriminating material, the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e basis of the findings of the search and any other material existing or brought on the record of the AO. vii. Completed assessments can be interfered with by the AO while making the assessment under Section 153 A only on the basis of some incriminating material unearthed during the course of search or requisition of documents or undisclosed income or property discovered in the course of search which were not produced or not already disclosed or made known in the course of original assessment. T .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ng deeming fiction without any incriminating evidence discovered in the course of search. We come to scheme of the Act in search assessment given in Chapter XIV section 153A and 153C as are relevant for the instant lis. It is an admitted factual position that the assessee is not the searched assessee u/s. 132 of the Act. We reiterate that the Assessing Officer has invoked section 153C of the Act applicable in case the search leads to any money bullion, jewellery etc. found to be belonging to a p .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


Share:            

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version