TMI Blog2020 (10) TMI 283X X X X Extracts X X X X X X X X Extracts X X X X ..... also to the other post search material or information available with the Ld. AO to make an addition under this section. This aspect missed the attention of the CIT(A). Since such statements are produced before us in the paper book vide Annexure A-5, we are of the considered opinion that it requires consideration before reaching a conclusion as to whether or not there is any incriminating material in this case. Since the Ld. CIT(A) did not advert to this aspect at all in the impugned orders and no finding is returned as to the impact of these bank statements on the fact in issue, we are of the considered opinion that an error had crept in, in the order of the learned Ld. CIT(A). We set aside the impugned orders and remand issue to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o covered under section 132 (1) of the Act, pursuant to which notice under section 143(2) of the Act and 143(1) of the Act were issued. 3. In respect of the assessment year 2010-11 the learned Assessing Officer made two additions, namely, ₹ 91,87,000/- on account of cash deposited in the bank account and Rs. two crores on account of unsecured loan, and in respect of the assessment year 2011-12 addition of ₹ 3,85,44,000/- was made on account of cash deposited in the bank account by way of order is passed under section 153A of the Act/143(3) of the Act. 4. Aggrieved by such additions, assessee preferred appeals before the Ld. CIT(A). Ld. CIT(A), in the impugned orders, categorically observed that as on the date of search the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. Per contra, it is the submission on behalf of the assessee that in this matter the assessee filed their returns of income for the assessment years 2010-11 and 2011-12 on 30/9/2010 and 28/9/2011 respectively, the time to issue notice under section 143(2) of the Act expired long prior to the date of search and therefore in the absence of any incriminating material, no addition could be made. He further submits that no material is placed before the Ld. CIT(A) or before this Tribunal to show that any bank statement pertaining to the years under consideration were seized during the search and the statement of the assessee recorded under section 132 (4) of the Act shows that the information relating to the years subsequent to the years under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wering the question with reference to the cashbook as on 16/1/2014 and deposit in bank as on 17/1/2014 and 18/1/2014, he provided the copy of bank account. With reference to this Ld. AR submitted that the entries in the cashbook as well as the bank statement related to these dates do not pertain to the years under consideration and therefore cannot be treated as incriminating material. 10 Revenue, however, produced before us the search Punchnama along with appraisal report and seized documents, and also the bank statement for the assessment year 2009-10 and 2010-11 along with the details of unsecured loan. According to the Revenue such statements were furnished by Mr Sudesh Bansal at the time of recording his statement under section 132 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is returned as to the impact of these bank statements on the fact in issue, we are of the considered opinion that an error had crept in, in the order of the learned Ld. CIT(A). 12. With this view of the matter, we set aside the impugned orders and remand issue to the file of the Ld. CIT(A) to consider the bank statements that were handed over by the assessee at the time of the search and recording of the statements under section 132 (4) of the Act, to reach a conclusion according to law. Ld. CIT(A) will afford an opportunity to the assessee while considering this issue and consider the submissions, if any, made by the assessee on this aspect. 13. In the result, appeals of the Revenue are allowed for statistical purpose. Order pron ..... X X X X Extracts X X X X X X X X Extracts X X X X
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