TMI Blog2019 (2) TMI 1804X X X X Extracts X X X X X X X X Extracts X X X X ..... to claims made and mere inadequacy cannot ground for taking action u/s. 263 of the Income Tax Act. A.R. also cited a case of Pr. CIT Vs. Saumya Construction Pvt.Ltd. [ 2016 (7) TMI 911 - GUJARAT HIGH COURT ] wherein has been held that assessment u/s. 153A, relation to material disclosed during search or requisition; if no incriminating material is found during search, no addition can be made on basis of material collected after search. We allow both the appeal of the Assessee. - ITA. No. 1244 & 1245/AHD/2018 - - - Dated:- 18-2-2019 - SHRI MAHAVIR PRASAD, JUDICIAL MEMBER AND SHRI WASEEM AHMED, ACCOUNTANT MEMBER For the Appellant : Shri Mukund Bakshi, AR For the Respondent : Shri O.P. Sharma, CIT/ D.R. ORDER PE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law and in facts in directing the conduct of enquiry and verification which are beyond the scope of powers vested u/s 153A r.w.s. 143(3) and consequently u/s. 263 of the I.T. Act, 1961. 4. Your appellant craves liberty to add, alter, amend, substitute or withdraw any of the ground of appeal hereinabove contained. 2. On verification of the case records of the assessee for A.Y.2009-10, it is noticed that the assessee has shown to have received ₹ 42,11,011/- as interest income in the year under consideration. He has also claimed .interest expenditure of ₹ 57,37,042/- resulting into declaration of loss of ₹ 15,26,031/-under the head Income from Other Soruces . Further, perusal of records reveal that the borrowed funds ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /- resulting into declaration of loss of ₹ 15,26,031/- under the head Income from Other Sources . 6. We can see in this case, during search no incriminating material was found and ld. A.O. made adequate enquiry in this case. 7. In Support of its contention, ld. A.R. cited an order in the matter of CIT vs. Amit Corporation (2012) 81 CCH 0069 (Guj.) High Court wherein it is held that during the course of framing of assessment, Assessing Officer had access to all records of assessee, after pursuing such record Assessing Officer framed assessment, such assessment could not have been re-opened in exercise of revision power u/s 263 for making further inquiries . 8. In this case, assessee cannot be branded as erroneous as ther ..... X X X X Extracts X X X X X X X X Extracts X X X X
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