TMI Blog2022 (5) TMI 1101X X X X Extracts X X X X X X X X Extracts X X X X ..... dition stands deleted. - Decided in favour of assessee. - I.T.A. No. 5182/Del/2015 - - - Dated:- 20-5-2022 - Dr. B. R. R. Kumar, Accountant Member And Sh. Yogesh Kumar U.S., Judicial Member For the Appellant : Sh. Rajeev Saxena And Ms. Sumangla Saxena, Adv For the Respondent : Sh. Binod Kumar, CIT-DR ORDER PER YOGESH KUMAR U.S., JM The present appeal is preferred by the assessee for the assessment year 2007-08 against the order dated 18/03/2015 passed under Section 250(6) of the Income-Tax Act, 1961 ( the Act ) by the Commissioner of Income- Tax(Appeals)-25, New Delhi. 2. The grounds of appeal are as under:- 1. That the learned Commissioner of Income Tax (Appeals) has grossly erred both in law and on fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Act because: The investment was fully explained and the same was held to be genuine in the earlier assessment made u/s 153A/143(3) and no addition was made. a. No fresh material or any evidence found to conclude different stand. b. Section 69 cannot be applied on the investments already recorded in the books of accounts. c. The assessee is not required to explain source of the source. d. The assessing officer has not made any enquiry on its own. e. No addition can be made merely on surmises and guess work. f. Assessment u/s 153 A cannot be made merely on change of opinion. 4. That the learned Commissioner of Income Tax (Appeals) has grossly erred in law as well as on facts in making additions of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce u/s 153A of the Act dated 08/02/2012 was issued, in response assessee filed return of income on 11/06/2012 declaring a net taxable income at Rs. Rs.1,48,20,440/-. As against the original assessment order dated 24/12/2009, assessee preferred an appeal before CIT(A), wherein the income of the assessee has been reduced by allowing the appeal of the assessee to Rs. 1,60,25,440/- as against the same, the Revenue has filed the appeal before the Tribunal and the assessee has also filed Cross Objection in ITA No. 5325/Del/2013 and C.O No. 01/Del/2015 respectively. The Coordinate Bench of this Tribunal has quashed the original assessment order dated 24/12/2019 vide order dated 06/10/2015. 4. The impugned assessment order dated 28/03/2013 has b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... through the impugned assessment order, it is further found that the addition was made on the ground that, the purchase and sale of shares between assessee and SRD Resources are not genuine to the extent of Rs 1,15,00,000/- and another addition made on the ground that, the assessee has not submitted the required documents as asked for regarding Rs. 3,00,00,000/- deposited from one Kismu Krishna Sinha in his bank account, therefore, the same have been treated as unexplained u/s 69 of the Act. 10. In view of the above facts, it is clear that second assessments order passed u/s 153A dated 28/03/2013 is made not based on any incriminating material found during the search, hence the decision of the Delhi High Court in case of CIT vs. Kabul Cha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence found, it does not mean that the assessment can be arbitrary or made without any relevance or nexus with the seized material. Obviously an assessment has to be made under this Section only on the basis of seized material. v. In absence of any incriminating material, the completed assessment can be reiterated and the abated assessment or reassessment can be made. The word 'assess' in Section 153 A is relatable to abated proceedings (i.e. those 6 ITA Nos. 1351 2155/Del/2015 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 in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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