TMI Blog2019 (5) TMI 1159X X X X Extracts X X X X X X X X Extracts X X X X ..... .O., WARD-58 (4) (TDS) [ 2018 (4) TMI 46 - ITAT KOLKATA] , M/S COMPUTER ENGINEERING SERVICES INDIA (P) LTD. (AMALGAMATED WITH ISTRONICS LTD) , M/S FORYU OVERSEAS (P) LTD AND OTHERS [ 2015 (6) TMI 601 - ITAT DELHI] , INTEL TECHNOLOGY INDIA (P.) LTD. [ 2015 (5) TMI 614 - KARNATAKA HIGH COURT] , RAZA TEXTILES LIMITED VERSUS INCOME-TAX OFFICER, RAMPUR [ 1972 (9) TMI 15 - SUPREME COURT] - The Revenue s appeal dismissed. - IT(SS)A No.141/Kol/2017 And C.O. No.11/Kol/2019, IT(SS)A No.140/Kol/2017 And C.O. No.10/Kol/2018, IT(SS)A No.135-137/Kol/2017 And C.O. No.4-6/Kol/2018 - - - Dated:- 17-5-2019 - Shri S.S.Godara, Judicial Member And Dr. A.L. Saini, Accountant Member For the Assessee : Shri R.P. Agarwal, Senior Advocat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (s) quashing the impugned assessments / proceedings on the ground that the search in issue dated 05.08.2014 had not yielded any incriminating material so as to give rise to the proceedings in issue. It then avers that the CIT(A) has erred in law as well as on facts in declaring the corresponding regular assessments to have already become final whereas same had not abated as o the date of search and therefore, the Assessing Officer had rightly taken recourse to impugned sec. 153A proceedings. The Revenue s last plea is on merits that the Assessing Officer s assessment in issue had rightly added unexplained cash credits in the nature of share capital / premium, unexplained investments followed by u/s 14A r.w.s. 8D disallowance involving varyi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hese first four cases that these three identical issues of share application money, unexplained investment and sec. 14A r.w.s. 8D disallowance / addition need to reexamined by the Assessing Officer as per law after affording adequate opportunity of hearing to the taxpayer. We order accordingly. We accept the Revenue s the two appeal(s) IT(SS)A No.141 and 140/Kol/2017 as well as the assessees cross objections 11/Kol/2019 and 10/Kol/2018 for statistical purposes. 4. Next come the third assessee s six cases involving Revenue s three appeal(s) IT(SS)A No.135-137/Kol/2017 and cross objection(s) No.04- 06/Kol/2018. The Revenue s pleadings in this three appeal(s) are also identical in nature as in foregoing cases seeking to reverse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax liability of an assessee in case all the relevant facts form part of the records. We make it clear that the Revenue is very fair in not disputing the clinching fact of assessee s conversion to an LLP on 17.03.2015 i.e. very well before the initiation of sec. 153A proceedings on 27.07.2015. Now coming to the question as to whether such an assessment / proceeding in case of a non-est entity s hold as the following case law make it clear that such assessments are not sustainable in the eyes of law. a) M/s Pawansut Management Ltd. vs. ITO ITA No.1524/Kol/2016 decided on 14.02.2018; b)M/s Computer Engineering Services India (P) Ltd. vs. ACIT ITA Nos. 5874-5878/Del/2013 decided on 29.05.2015 c) ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
