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Pr. CIT Central -1, Delhi Versus Shri Mahesh Kumar Gupta

2016 (12) TMI 684 - DELHI HIGH COURT

Revision u/s 263 - “deemed dividend” addition under Section 2(22)(e) - addition under Section 153A - Held that:- There is no dispute that the search and seizure proceedings in this case did not result in anything, therefore, material either in the fo .....

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cise his powers as it were on the basis of returns as filed originally and validly under Section 263 of the Act. - In the circumstances in the absence of any material disclosing that the issue of deemed dividend had been wilfully derived or had b .....

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n in this regard. The search and seizure proceedings in such cases are undoubtedly meant to bring to tax amount that are to be determined on the basis of materials seized in the course of such searches; permitting anything over and above that would v .....

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i and Ms. Vibhooti Malhotra, Advs. ORDER 1. The Revenue is aggrieved by the order of the Income Tax Appellate Tribunal (ITAT) and urges that the impugned order, inasmuch as it upset and set aside the addition made by the Commissioner of Income Tax (C .....

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rch and seizure proceedings the assessee filed its returns under Section 153A of the Act. The assessment was completed by the Assessing Officer (AO). The jurisdictional CIT was of the opinion that the assessment order was both prejudicial and erroneo .....

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ch and seizure operations did not yield any fresh material warranting addition under Section 153A of the Act, and therefore, could not clothe the CIT with the authority to add an amount on the basis of a fresh appraisal of the existing materials that .....

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, the CIT s order was justified, consequently, the ITAT should not have interfered with that determination. 4. There is no dispute that the search and seizure proceedings in this case did not result in anything, therefore, material either in the form .....

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se his powers as it were on the basis of returns as filed originally and validly under Section 263 of the Act. 5. In the circumstances in the absence of any material disclosing that the issue of deemed dividend had been wilfully derived or had been d .....

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