9911796707
TMI Blog2021 (12) TMI 1351X X X X Extracts X X X X X X X X Extracts X X X X ..... grievances of the Revenue read as under: 1. That on the facts and in the circumstances of the case, the Ld. CIT(A) has erred in law and on facts in deleting the addition u/s 68 made on account of unexplained share capital received from 24 persons amounting to Rs. 1,97,00,000/- without appreciating the fact that neither the creditworthiness of these creditors nor the genuineness of transactions were established as submitted by the AO in Assessment Order and Remand Report. 2. That on the facts and in the circumstances of the case, the Ld. CIT(A) has erred in law and on facts in holding that the onus of the assessee is discharged without appreciating the judgement of the jurisdictional High Court given in case of CIT v. Nova Promoters (201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on facts in not quashing the impugned assessment order framed by Ld. AO on the ground that no notice u/s 143(2) was issued after the return filed in response to notice u/s 153 A of the Act. 2 That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in not deleting the additions made by Ld. AO in the impugned order, more so when there was no incriminating material found as a result of search." 4. Since the issues raised in the cross objections go to the root of the matter, we heard the representatives on the cross objections raised by the assessee. 5. Briefly stated, the facts of the case are that search and seizure operation was conducted at the premises of M/s Paramount Gulshan & Ajnara gr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CTR 0045 [Del] which was followed in the case of Meeta Gutgutia 82 Taxmann.com 287 squarely apply wherein the Hon'ble Jurisdictional High Court has held that where no incriminating material was unearthed to show that there was violation by the assessee to disclose income/additions made by the Assessing Officer was not justified. The relevant findings of the Hon'ble High Court of Delhi in the case of Kabul Chawla read as under: "37. On a conspectus of Section 153A(1) of the Act, read with the provisos thereto, and in the light of the law explained in the aforementioned decisions, the legal position that emerges is as under: i. Once a search takes place under Section 132 of the Act, notice under Section 153 A (1) will have to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings (i.e. those pending on the date of search) and the word 'reassess' to completed assessment proceedings. vi. Insofar as pending assessments are concerned, the jurisdiction to make the original assessment and the assessment under Section 153A merges into one. Only one assessment shall be made separately for each AY on the basis of the findings of the search and any other material existing or brought on the record of the AO. vii. Completed assessments can be interfered with by the AO while making the assessment under Section 153 A only on the basis of some incriminating material unearthed during the course of search or requisition of documents or undisclosed income or property discovered in the course of search which we ..... X X X X Extracts X X X X X X X X Extracts X X X X
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