TMI Blog2018 (10) TMI 136X X X X Extracts X X X X X X X X Extracts X X X X ..... emed dividend. The very fact that Section 132 was resorted requiring the Assessing Officer to record the necessary satisfaction, was lacking in this case. The assessment, which had gained finality, in the absence of any material termed as incriminating having thus been subjected to assessment/reassessment, the Tribunal held in favour of the assessee. We do not think that the Tribunal's underst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y below the Tribunal related to the assessment under Section 153A read with Section 143(3) of the Income Tax Act 1961. 3. The respondent/assessee before us challenged the addition on account of deemed dividend under Section 2(22)(e) of the Income Tax Act 1961 for the two Assessment Years. 4. The pure legal grounds were permitted to be raised because the assessee argued that there was already ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial Technologies India Ltd., was also covered under this search and seizure action. In pursuance of search action under Section 132(1) of the Income Tax Act 1961, notice under Section 153A was issued to the assessee on 25th October, 2007 relating to six Assessment Years immediately preceding the Assessment Year of the year of the search, which included the above Assessment Years. In response to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ciated by the judgment of this Court rendered in the case of Commissioner of Income Tax V. M/S Murli Agro Products Ltd. (Income Tax Appeal No.36 of 2009 decided on 29th October 2010) was applied. That judgment held that, once the assessment has attained finality before the date of search and no material is found in the course of proceedings under Section 132(1), then, no addition can be made i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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