TMI Blog2016 (10) TMI 1198X X X X Extracts X X X X X X X X Extracts X X X X ..... n the course of search and all these assessments are admittedly, non-abated assessments. Thus, we delete the disallowance made in respect of interest paid and business expenses against interest income received from partnership in all these assessment years. - Decided in favour of assessee. - ITA No. 2152 & 2154/MUM/2015, ITA No. 2155 to 2158/MUM/2015 - - - Dated:- 21-10-2016 - SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI N.K. PRADHAN, ACCOUNTANT MEMBER Assessee by : Shri Vijay Mehta - CA Department by : Shri Alok Johri - DR O R D E R PER BENCH All these appeals are filed by different assessees of same group and since the issues in all the appeals are identical, they are clubbed and heard together and disposed of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e also places reliance on the recent decision of the Jurisdictional High Court in the case of CIT vs. Gurinder Singh Bawa (386 ITR 483). 3. Departmental Representative vehemently submitted that in this case, the addition was made based on the seized material as was pointed out by the Assessing Officer and the ld. CIT(A) in their orders. He vehemently submitted that the order passed by the Coordinate Bench in Shri Rasesh B. Kanakia, which was followed in Narpath Mehta s case is distinguishable on facts and has no application to the present assessees s cases. Departmental Representative further submitted that the assessee himself has admitted disturbances in the books of accounts and admitted the additions in the course of search. He furth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hese cases. The question before the Hon'ble Supreme Court was whether the Assessing Officer has to record satisfaction that undisclosed income is involved before transferring the files to the concerned Assessing Officer and the time limit regarding such satisfaction was the issue, but in the cases on hand, the issue was whether any incriminating material was found and whether any disallowance was made based on which incriminating material and whether the assessments have abated by virtue of such incriminating materials or not is to be decided. The Revenue could not prove with evidences that the disallowances were made based on incriminating material seized in the course of search and the assessments have abated by virtue of such seized ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ued. Thereafter on 5 January 2007, a search was conducted on the respondent -assessee under Sec. 132 of the Act. Consequent thereto, proceedings under Sec. 153A of the Act were initiated. During the assessment proceedings for A.Y. 2005 -06, the Assessing Officer added an amount of ₹ 93.72 lakhs (declared as gifts) as being covered by Sec. 68 of the Act and an amount of ₹ 43.67 lakhs (accumulated profits of the lender) out of ₹ 1.5 crores received as loan from one K.P. Developers Pvt. Ltd. as deemed dividend under Sec. 2(22)(e) of the Act. Undisputedly, respondent -assessee was a shareholder in M/s K.P. Developers (P) Ltd. The aforesaid additions are reflected in an assessment order dated 31 December 2008 passed under Sec. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its and on it also held in favour of the respondent-assessee. Mr. Kotangale, the learned counsel for the Revenue very fairly states that the decision of the Special Bench of the Tribunal in All Cargo Global Logistics Ltd. v. Deputy CIT [2012] 18 ITR (Trib) 106 (Mum) [SB] was a subject matter of challenge before this court as a part of the group of appeals disposed of as CIT v. Continental Warehousing Corporation (Nhava Sheva) Ltd. [2015] 374 ITR 645 (Bom) upholding the view of the Special Bench of the Tribunal in All Cargo Global Logistics Ltd. Consequently, once an assessment has attained finality for a particular year, i.e., it is not pending then the same cannot be subject to tax in proceedings under section 153A of the Act. This of c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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