TMI Blog2019 (12) TMI 1603X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee were also searched and in the search proceedings, no incriminating material or evidence was found by the search party. Share application money/premium received by the assessee has already been recorded in its books of account and return of income was already filed on 30.03.2007. No notice u/s 143(2) of the Act was issued and served upon the assessee and by necessary implication, return of income was accepted. The ratio laid down by the Hon'ble Delhi High Court in the case of Kabul Chawla [ 2015 (9) TMI 80 - DELHI HIGH COURT ] squarely applies on the facts of the case in hand wherein the Hon'ble High Court has held that completed assessment can be interfered with by the Assessing Officer while making assessment u/s 153A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Best Food Group of Karnal have introduced their own unaccounted money in the form of share capital and share premium from non-existent companies and concerns. Taking a leaf out of the search proceedings conducted at the residence and office of Shri Surendra Kumar Jain and Shri Virendra Jain, the Assessing Officer was of the opinion that the Jain brothers were engaged in the business of providing accommodation entries and the assessee is one of the beneficiaries of such accommodation entries. The Assessing Officer completed assessment by making addition of Rs. 1.35 crores. 6. The assessee carried the matter before the ld. CIT(A) but without any success. 6. Before the first appellate authority also, the assessee has challenged the valid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ings, no incriminating material or evidence was found by the search party. 10. Share application money/premium received by the assessee has already been recorded in its books of account and return of income was already filed on 30.03.2007. No notice u/s 143(2) of the Act was issued and served upon the assessee and by necessary implication, return of income was accepted. The ratio laid down by the Hon'ble Delhi High Court in the case of Kabul Chawla squarely applies on the facts of the case in hand wherein the Hon'ble High Court has held that completed assessment can be interfered with by the Assessing Officer while making assessment u/s 153A of the Act only on the basis of some incriminating material unearthed during the course o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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