TMI Blog2019 (12) TMI 1416X X X X Extracts X X X X X X X X Extracts X X X X ..... ndings so recorded by the ld.CIT(A), accordingly we upheld the same by dismissing this ground of appeal raised by the Revenue. - I.T(SS)A No.274 & 275/AHD/2016, Cross Objection No’s.205 & 206/AHD/2016 Arising out of IT(SS)A No.274 & 275/AHD/2016 - - - Dated:- 13-12-2019 - SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI O.P.MEENA, ACCOUNTANT MEMBER For the Assessee : Shri Rasesh Shah CA For the Revenue : Shri O.P.Singh CIT-DR ORDER PER SANDEEP GOSAIN, JM: 1. These Cross Appeals filed by the Revenue and Assessee are directed against the common order of Ld.Commissioner of Income Tax(Appeals)-4, Surat dated 08.06.2016 for the assessment year 2008- 09 and 2009-10 respectively. IT(SS)A No.274/AHD/2016 for A.Y. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1] (Ahd Trib.) , ACIT vs Viren Sureshchandra Shah [SLP no. 5301 of 2016] (SC) Viren Sureshchandra Shah vs ACIT [ SCA no. 3862 of 2015] (Guj HC) 5. After having heard the parties at length, we find that the ld.CIT(A) has dealt this ground at para no.7.2.1 which is reproduced below: 7.2.1 l In the present case not even a reference to facts emancipating from search is there in the assessment orders. The following sequence of events is clear from the assessment orders (para 4 page 2 of the orders): i) On perusal of the balance sheet filed along with the return of income for A.Y. 2008-09 and A.Y. 2009-10, it was observed by the, AO that the assessee is a share holder in two companies M/s. Jivraj Tea Ltd. as well as Vesta Exim Pvt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 22,09,11,953 31.03.2012 24,64,90,661 31.03.2013 28,28,04,680 31.03.2014 31,40,06,753 Subsequently, the case was examined from the angle of possible taxability u/s 2(22) (e) of the Act. Accumulated profits and reserves were seen and show cause notice was issued. Clearly, the above sequence as narrated in the assessment order clearly shows that tine roving enquiries were initiated from the details filed and the return assessee. Nothing incriminating was with the AO, against the appellant which was observed or found during the course of search. In view of the judgments discussed in para 7.2 above; I have alre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... recorded by the ld.CIT(A), accordingly we upheld the same by dismissing this ground of appeal raised by the Revenue. 7. In the result, appeal of the Revenue is dismissed. IT(SS)A No.275/AHD/2016 (by Revenue): 8. Since, the given facts and circumstances are identical as in the assessee s own case above of Viren Sureshchandra Shah in I.T(SS)A.No.274/AHD/2016 for A.Y.2008-09. Therefore, our findings and directions contained therein shall apply mutatis mutandis to this appeal of the Revenue. Accordingly, following the same, grounds of appeal of the Revenue is dismissed. 9. In the result, appeal of the Revenue is dismissed. Cross Objection No s.205 206/AHD/2016 for A.Y. 2008-09 2009-10 (by Assessee): 10. Since we ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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