TMI Blog2014 (9) TMI 1071X X X X Extracts X X X X X X X X Extracts X X X X ..... ment, which is applicable only in proceedings pending on the date of search or requisition for the reason that there cannot be two assessments for a single assessment year. See CIT Vs. M/s Murali Agro Products vide [2010 (10) TMI 1052 - BOMBAY HIGH COURT]. It is also a settled position of law that reassessment is permitted in an assessment u/s 153A, only if incriminating material is found duri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PER DR. S.T.M. PAVALAN, JM: This appeal filed by the Assessee is directed against the order of the Ld. CIT(A)-4, Mumbai dated 29.06.2007 for the Assessment Year 2000-01. 2. In this appeal, the assessee has agitated the decision of the Ld. CIT(A) in confirming the action of the AO disallowing the business loss and the bad debts written off claimed by the assessee. Also, the assessee vide an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is observed that in respect of the original return of income filed by the assessee on 30.11.2000 for the Assessment Year under consideration, the intimation u/s 143(1) of the Act has been issued, however, no notice u/s 143(2) of the Act has been served by the AO. It is pertinent to mention that the assessment for the said assessment year has attained finality before the date of search hence th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on, the question of reassessment of the concluded assessment does not arise. It has further been held that the underlying purpose of making assessment of total income u/s 153A is to assess income which is not disclosed or would not have been disclosed. Second proviso to section 153A providing for abatement of assessment or reassessment, which is applicable only in proceedings pending on the date o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion for the authorities below to consider the issues in the assessment passed u/s 153A. In view of that matter, both the additions made in the impugned assessment order are not justified. Consequently, the orders of the authorities below making/confirming the disallowances made in respect of the assessment year under consideration stands quashed. 4. In the result, the appeal filed by the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
