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2016 (12) TMI 684 - DELHI HIGH COURT

2016 (12) TMI 684 - DELHI HIGH COURT - TMI - 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 form of books of account or other documents related 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 .....

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. 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 virtually amount to letting the Revenue have a third or fourth opinion as it were. - Decided against revenue - ITA 810/2016 & CM Nos. 43256-43257/2016 - Dated:- 22-11-2016 - S. Ravindra Bhat And Najmi Wazir .....

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ief facts of the case are that further to search 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 erroneous to the interest of the Revenue and directed its revision inasmuch as an addition under Section 2(22)(e) of the Act was mandated. The assessee successfully appealed to the ITAT. 3. The ITAT concluded bas .....

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