TMI Blog2021 (7) TMI 1182X X X X Extracts X X X X X X X X Extracts X X X X ..... IGH COURT] to hold that the impugned assessments are not sustainable in law since not based on any incriminating material found or seized during the course of search. The same stands quashed in the former twin assessment years 2010-11 and 2011-12. The assessee's corresponding appeals are accepted on the forgoing legal issue thereby rendering all other pleadings on merit being rendered infructuous. Treating the interest income(s) in these twin assessment years as income from other sources than eligible for section 80IA deduction as business income - HELD THAT:- We prima facie notice that the assessee s income from other sources also included dividend from mutual funds and rental receipts, etc. There is no indication at all in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd advances on the asset side of the Balance Sheet. We thus quote hon'ble apex court landmark decision in Malabar Industrial Company Ltd. 2000 (2) TMI 10 - SUPREME COURT] and hold that the learned PCIT has rightly exercised its 263 revision jurisdiction in the given facts and circumstances of the case. - ITA Nos.899 to 901 & 1083 to 1086/Hyd/2017 - - - Dated:- 22-7-2021 - Shri S.S. Godara, Judicial Member And Shri L. P. Sahu, Accountant Member For the Appellant : Shri Mohd. Afzal. For the Respondent : Shri Danda Srinivas. (D.R.) ORDER PER SHRI S.S. GODARA, J.M. : The instant batch of seven appeals pertains to a single assessee herein M/s. Krishnapatnam Port Company Limited. Its appeals ITA Nos.1083 to 108 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 153A(1) second proviso or not. Learned CIT-DR fails to dispute the clinching statutory provision i.e. 143(2) second proviso envisages time limit of six months from the end of the relevant assessment year coming to 30.09.2011 and 30.09.2012 had already expired before the date of search on 14.12.2012 (supra). No assessment in these two assessment years could be held to be pending which could be taken as abated . And also that the assessee had raised all the corresponding claims in regular computation while filing the foregoing regular returns. We thus quote CIT Vs. Kabul Chawla (2016) 380 ITR 573 (Delhi); CIT Vs. Salasar Stock Broking Ltd. (Cal. H C in GA 1929/2016) dt.24.8.2016, CIT Vs. Continental Warehousing Coporation (2015) 374 ITR 64 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cation have no legs to stand. The same also follow suit therefore. These assessee's cases ITA 899 900/Hyd/2017 are also accepted in the very terms therefore. 5. We next advert to assessee's appeals ITA 1085 1086/Hyd/2017 for the A.Ys 2012-13 and 2013-14 s abated assessments. Its sole identical substantive grievance is that the learned lower authorities have erred in law and on facts in treating the interest income(s) in these twin assessment years as income from other sources than eligible for section 80IA deduction as business income. We prima facie notice that the assessee s income from other sources also included dividend from mutual funds and rental receipts, etc. There is no indication at all in the learned lower aut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bench decision in CIT Vs. Vodafone Essar Gujarat Limited dt.4.8.2017. We find no merit in the assessee's foregoing argument since it has not placed on record the corresponding books of account suggesting corresponding simultaneous reduction of the loans and advances on the asset side of the Balance Sheet. We thus quote hon'ble apex court landmark decision in Malabar Industrial Company Ltd. Vs. CIT 243 ITR 83 (SC) and hold that the learned PCIT has rightly exercised its 263 revision jurisdiction in the given facts and circumstances of the case. The same stand confirmed. The assessee's instant appeal ITA No.901/Hyd/2017 fails. 7. To sum up, assessee's appeals ITA Nos.1083, 1084, 899 900/Hyd/2017 are allowed. Its next ..... X X X X Extracts X X X X X X X X Extracts X X X X
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