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TMI Blog2021 (7) TMI 1182X X X X Extracts X X X X X X X X Extracts X X X X ..... e Nos.022 to 025/DCIT/CC-1(1)/CIT(A)-11/15-16 involving proceedings u/s.143(3) r.w.s. 153A (for A.Ys 2010-11 to 2012-13) and Sec.143(3) of the Income Tax Act, 1961 ('the Act') for A.Y. 2013-14. Its latter set of three appeals ITA Nos.899 to 901/Hyd/2017 for A.Ys 2010-11 to 2012-13 are directed against the PCIT (Central Circle)'s separate orders dt.27.3.2017 in case Nos. PCIT(C)/Hyd/263/08, 10 & 11/2016-17, PCIT(C)/Hyd/263/10/2016-17 and in Assessment Years 2010-11 and 2011-12; respectively in proceedings u/s. 263 of the Income Tax Act, 1961 ('the Act'). Heard both the parties. Case files perused. 2. It emerges at the outset that this assessee had filed its regular returns on 1.10.2010, 28.9.2011, 28.9.2012 and 29.11.2013 r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ating material is found or seized during the course of search. We have not come across any such incriminating material relied upon by the learned lower authorities in A.Ys 2010-11 & 2011-12. We thus decline the Revenue's argument quoting EN Gopa Kumar Vs. CIT (2016) 390 ITR 131 (Ker), CIT Vs. Kesarwani Zarda Bhandar ITA No.270/2014 and CIT Vs. Rajkumar Arora 367 ITR 517 (All) 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 ITA Nos.1083 and 1084/Hyd/2017 are accepted on the forgoing legal issue thereby rendering all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taking(s) or not. Faced with this situation, we deem it appropriate to restore the instant identical issue back to the Assessing Officer to be examined afresh subject to the condition that it shall be the duty and responsibility of the tax payer only to prove the foregoing clinching direct nexus between its interest and other income derived from the eligible undertaking within three effective opportunities of hearing. We order accordingly. These twin appeals ITA Nos.1085 & 1086/Hyd/2017 are partly accepted for statistical purposes since no other ground has been pressed before us. 6. We are now left with the assessee's appeal ITA No.901/Hyd/2017 for Assessment Year 2012-13. The same pertains to the exercise of the PCIT's revision jurisd ..... X X X X Extracts X X X X X X X X Extracts X X X X
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