TMI Blog2016 (12) TMI 684X X X X Extracts X X X X X X X X Extracts X X X X ..... ated to the issue of deemed dividend under Section 2(22) of the Act. The amounts paid were in fact originally declared in the assessment returns of the assessee. The CIT, therefore, had opportunity to exercise 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P. Roychaudhuri 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 (CIT) in exercise of the powers under Section 263 of the Income Tax Act, 1963 (in short the Act) bringing to tax certain amounts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to add an amount on the basis of a fresh appraisal of the existing materials that formed part of the original assessment. It is urged by the Revenue that CIT acted within his jurisdiction in concluding that the AO erroneously did not bring to tax the amount that had to be included under Section 2(22)(e) facially itself, therefore, the CIT s order was justified, consequently, the ITAT should not h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osition taught by this Court in judgment dated 28.08.2015 in ITA 707/2014 titled: CIT vs Kabul Chawla. Therefore, we concur with the ITAT s opinion 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 virtu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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