TMI Blog2021 (10) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... 3D2011-12/681 dated 29.12.2011. These facts are not disputed by the Revenue. AO has consciously made assessment u/s 153A of the Act and on the basis of alleged statement recorded during the search. Therefore, it cannot be construed that recordings of such facts is by mistake. Therefore, the impugned assessment order do not satisfy the test of law, the same deserves to be quashed. We, therefore, hereby quash the impugned assessment order. Thus, Ground No.1 raised by the assessee is allowed. - ITA No. 6348/Del/2014 - - - Dated:- 30-9-2021 - SHRI G. S. PANNU , PRESIDENT And SHRI KUL BHARAT , JUDICIAL MEMBER Appellant by : Sh. S. L. Poddar , CA Respondent by : Sh. Satpal Gulati , CIT DR ORDER PER KUL BHARAT , JM : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w.s.142(1) of the Act was issued. Further, the Assessing Officer recorded that in response to the questionnaire, the assessee filed replies, the same was placed on record. Further, it was recorded by the Assessing Officer that in the case of the assessee, Sh. Subhash Gupta, fatherin- law of the assessee had made statement u/s 132(4) of the Act during the course of search and surrendered ₹ 73,70,671/- on account of difference in stock in the hands of M/s Salasar Jewellers under the proprietorship of Ms. Anshu Gupta. Hence, the Assessing Officer made addition of ₹ 73,70,671/- in the hands of the assessee, and computed the income at ₹ 75,29,130/- against the returned income of ₹ 1,58,460/-. Further, the Assessing Office ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 153A which is beyond the purview of section 153A/153C of the Act as the date of search was 15.09.2009. Accordingly, six previous years from the date of search were to be completed u/s 153A/153C and the current year s assessment for the year under consideration was completed u/s 143(3) of the Act. Ld.CIT DR submitted that section 292B of the Act comes to the rescue of the Revenue under the facts and circumstances of the present case. He submitted that in view of provision of section 292B of the Act, the assessment order cannot be annulled. 8. In re-joinder, Ld. Counsel for the assessee submitted that section 292B of the Act would not come for the rescue of the revenue as the intent of the assessment order is with regard to framing the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deduction under chapter VIA of Income Tax Act. Assessee has also filed audited balanced, P L A/c, which are placed on record. In the case of assessee, Shri Subhash Gupta, father in law, made statement under section 132(4) of Income Tax Act during the course of search and has surrender amount of ₹ 73,70,671/- on account of different in stock in the hands of M/s Salasar Jewellers under the proprietorship of assessee i.e. Mrs. Anshu Gupta, addition in this regard for ₹ 73,70,671/- is being made in this current year. Addition ₹ 73,70,671/- 3. Books of accounts with vouchers and banks statements were produced and test checked on random basis. Assessee has made cash sales for which it was submitted that it is in thei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o. Addl.CIT/CR/MRT/S S/153D2011-12/681 dated 29.12.2011. These facts are not disputed by the Revenue. The only submission by Ld.CIT DR is that these are mistakes which would fall within the ambit of section 292B of the Act. For the sake of clarity and for ready-reference, the provision of section 292B of the Act is reproduced hereunder:- Return of income, etc., not to be invalid on certain grounds. 292B. No return of income, assessment, notice, summons or other proceeding, furnished or made or issued or taken or purported to have been furnished or made or issued or taken in pursuance of any of the provisions of this Act shall be invalid or shall be deemed to be invalid merely by reason of any mistake, defect or omission in su ..... X X X X Extracts X X X X X X X X Extracts X X X X
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