TMI Blog2021 (8) TMI 638X X X X Extracts X X X X X X X X Extracts X X X X ..... no illegality or perversity in the impugned order passed by Ld. CIT (A), hence, appeal filed by the revenue is hereby dismissed. - I.T.A No.518/Del/2017 - - - Dated:- 10-8-2021 - Shri N.K. Billaiya, Accountant Member And Ms. Madhumita Roy, Judicial Member For the Revenue : Sh. H.K. Choudhary, CIT (DR) For the Assessee : Sh. Ashish Goel, Adv. ORDER PER MADHUMITA ROY, J.M. 1. The instant appeal filed by the Revenue is directed against the order dated 24.11.2016 passed by the Ld. CIT(A)-23, New Delhi arising out of the order dated 30.03.2016 passed by the ACIT, Central Circle-4, New Delhi u/s 153A/143(3) of the Act for AY 2011- 12. 2. Deletion of addition of ₹ 4,62,96,186/- made by the Assessing Officer o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aterial was found during the search operation, the entire addition has been made by the AO is on the basis of post search inquiry. There is not an iota of material nor any such ground raised by the revenue if any incriminating material was found and the entire case is based upon the sole statement of Sandeep Gupta, the Ld. CIT(A) has rightly decided the issue in favour of the assessee by following decision rendered by Hon ble Delhi High Court in case of CIT vs. Kabul Chawala cited as 21 taxmann.com 412. Otherwise all the transaction relating to capital gain arisen during the year under consideration have already been recorded in the books of accounts. So, in these circumstances in the absence of any incriminating material found in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... search. Under these circumstances, we have to adjudicate as to whether the CIT(A) has erred in deleting the addition made by the AO in absence of any incriminating material. 25. We find the Id. CIT(A) while deleting the addition has relied on various decisions including the decision of the Hon'ble Jurisidictional High Court in the case of CIT vs. Kabul Chawala reported in 21 taxman.com 412 (234 taxman 300). Finding of the CIT(A) on this issue has already been reproduced in the presiding paragraphs. So far as the reliance by the Ld. DR in the case of Smt. Dayawanti vs. CIT (supra) is concerned, we find the facts of that case are completely different from that of the facts of the present case. In that case the son of the assessee had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irmity in the order of the CIT(A) deleting the addition in absence of any incriminating material found during the course of search. 27. We further find the revenue has not challenged the vital legal ground on which the Ld. CIT(A) has deleted the addition. Since the Hon'ble Jurisdictional High Court has clearly held that addition in order passed u/s 143(3)/ 153A cannot be made In absence of any incriminating material and since in the instant case, there is no evidence whatsoever on record that any incriminating material was found during the course of search and since the addition was made on the basis of certain inquiries conducted subsequent to the search on the basis of return already filed, therefore, on this issue itself additio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the course of search operation on Jakson Group being run by Sameer Gupta, Bhawana Gupta and Sandeep Gupta, addition made on the basis of sole statement of Sandeep Gupta is not sustainable in the eyes of law, particularly when all the transactions qua sale of shares and capital gain earned during the year under consideration have been duly recorded in the books of accounts. So, in these circumstances we find no illegality or perversity in the impugned order passed by Ld. CIT (A), hence, appeal filed by the revenue is hereby dismissed. 6. Having regard with the facts and circumstances of the case and particularly the order passed by the Hon ble Tribunal in assessee s own case for AY 2012-13 on the identical issue as above, we find n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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