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TMI Blog2022 (3) TMI 305X X X X Extracts X X X X X X X X Extracts X X X X ..... s under:- 1. That assumption of jurisdiction u/s. 153C was illegal being contrary to the provisions of S. 153C and judicial opinions since there was no satisfaction to the effect that items or material mentioned in section 153C belonged to the appellant. Admittedly, laptop found from the premises of searched person did not belong to the appellant. Further, there is no finding that any other material found in the search belonged to the appellant. 2. Without prejudice to above ground, the alleged satisfaction note refers to post search investigation which is not permissible in law since such satisfaction has to be restricted only to the material found in search and not otherwise. Notwithstanding, it does not refer to any material belongin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... residence of Abhay Maheshwari, a laptop was found and seized. From the scanning of seized data it was found that M/s. Golf Link Hospitality Private Limited has obtained unsecured loan, share application money and share capital from various doubtful entities, the assessee M/s. BMA Infotech Pvt. Ltd. is one of them. 7. Notice u/s. 153C of the Act was issued on 20.04.2015 and the AO started the assessment proceedings. 8. During the course of the scrutiny assessment proceedings the AO found that the assessee has raised money through share application amounting to Rs. 1,22,80,000/-. The assessee was asked to furnish details, creditworthiness as well as genuineness of the transaction. On receiving no plausible reply the AO made addition u/s. 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tioned provision show that nothing belonging to the assessee was found at the time of search at the premises of Abhay Maheshwari. The laptop was found from the premises of Abhay Maheshwari and as per the provisions of section 132 (4A) (i) and 292 C of the Act the presumption is that the document and assets found in the course of search from premises of a person it may be presumed that such item belong to the person whose premises are searched. It can be seen from the satisfaction note there is no reference to any laptop found at the time of search and as mentioned here in above whatever was found at the time of search belonged to Abhay Maheshwari. 13. The Hon'ble High court of Gujarat in the case of Anilkumar Gopikishan Aggarwal 418 IT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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