TMI Blog2021 (10) TMI 507X X X X Extracts X X X X X X X X Extracts X X X X ..... has relied upon the decision of the Hon ble Delhi High Court in the case of CIT vs Kabul Chawla [ 2015 (9) TMI 80 - DELHI HIGH COURT] wherein, it has been held that in case of completed assessment, no addition can be made in the absence of any incriminating material. We do not find any infirmity in the order of the Ld. CIT(A) in this respect. Since, the words and such other materials or information as are available with the Assessing Officer and relatable to such evidence do not find mention under the provisions of section 153A of the Act and further it has been held time and again by the various High Court that addition can be made in case of completed assessment as on the date of search only on the basis of incriminating material ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the year under consideration, vide assessment order dated 27.02.2014, wherein, the Assessing Officer made addition of ₹ 5,50,00,000/- into the income of the assessee u/s 68 of the Act on account of unaccounted money introduced into the assessee company by four parties in the form of share capital and share premium. The Assessing Officer held that the aforesaid investor companies were non-existant and paper companies through which the assessee introduced his own unaccounted money in the form of share capital and share premium. 4. Being aggrieved by the aforesaid order of the Assessing Officer, the assessee preferred appeal before the Ld. CIT(A). 5. The Ld. CIT(A) deleted the addition made by the Assessing Officer in respect of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lied upon the decision of the Hon ble Supreme Court in the case of CIT, Chennai vs S. Ajit Kumar (2018) 93 taxmann.com 294(SC), wherein it has been held that any material or evidence found/collected in survey, which has been simultaneously made at the premises of a connected person, can be utilized while making the Block Assessment in respect of an assessee under Section 158BB read with Section 158 BH of the I. T. Act. He, therefore, confirmed the addition of ₹ 75 lakh in respect of the share capital/share premium received by the assessee from the aforesaid company. 7. The Revenue, therefore, has come in appeal before us contesting the action of the Ld. CIT(A) in deleting the addition in respect of the remaining three parties amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a connected person can be utilized while making the Block Assessment in respect of an assessee under Section 158BB r.w.s. 158BH of the Act. The Hon ble Supreme Court in this respect has held that the words and such other materials or information as are available with the Assessing Officer and relatable to such evidence occurring in Section158BB of the Act will cover the material found or collected in a simultaneous a survey action at the premises of the connected person. However, we note that the aforesaid proposition was laid down by the Hon ble Supreme Court in relation to the Block Assessment made u/s 158BB r.w.s. 158BH of the Act. However, the said provisions of section 158BB and 158BH are not applicable for the assessment year unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... preme Court in the case of M/s Andman Timber Industries vs Commissioner of Central Excise, Kolkata in Civil Appeal No.4228/2006, order dated 02nd September, 2015, wherein, the Hon ble Supreme Court has held that where the assessee had not been given an opportunity to cross examine the witness, who made statement such bald statement, cannot be made the sole basis to make addition. Since, the words and such other materials or information as are available with the Assessing Officer and relatable to such evidence do not find mention under the provisions of section 153A of the Act and further it has been held time and again by the various High Court that addition can be made in case of completed assessment as on the date of search only on th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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