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TMI Blog2022 (9) TMI 1331X X X X Extracts X X X X X X X X Extracts X X X X ..... rdingly, present applications stand disposed of. ITA 319/2022 ITA 321/2022 ITA 326/2022 1. Present income tax appeals have been filed challenging the common order dated 28th February, 2022, passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No.767/Del/2018 for the Assessment Year 2011-12 ITA 768/Del./2018 for the Assessment Year 2012-13 and ITA 766/Del./2018 for the Assessment Year 2010-11 deleting the protective additions made in the hands of the respondent-assessee. 2. Learned counsel for the appellant states that the ITAT has erred in holding that no incriminating material was found in the search, whereas the original copies of share certificates pertaining to share capital and premium allotted to investor companies were fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Sector 18, Gurgaon 28 to 34 Annual Report of M/s. Panchmukhi Management Services Pvt. Ltd. as on 31.3.2012 M/s. Panchmukhi Management Services Pvt. Ltd. 2011-12 O-2/A-4, JAY USHIN LTD. GP-14, Sector 18, Gurgaon. 35 Details of amount invested by M/s. Panchmukhi Management Services Pvt. Ltd. as on 1.01.2013. M/s. Panchmukhi Management Services Pvt. Ltd. 2012-13 O-2/A-4, JAY USHIN LTD. GP-14, Sector 18, Gurgaon 70-71 Extract of annual return of M/s. Panchmukhi Management Services Pvt. Ltd. (period not known) M/s. Panchmukhi Management Services Pvt. Ltd. K4/PMEC 3 Rajesh Shiv & Associates, M/s. Panchmukhi Management Services Pvt. Ltd., M/s Electricals & electronics (I) Ltd., M/s. Manish Merchants Pvt.. Ltd., M.s Cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to re-open the returns for the Assessment Years 2010-11 to 2015-16. 7. Perusal of the satisfaction note reveals that no document pertaining to Assessment Year 2011-12 was seized during search. The Supreme Court in Commissioner of Income Tax-III, Pune Vs. Sinhgad Technical Education Society reported in [2017] 397 ITR 344 has held that seized material can be considered to be incriminating in terms of Section 153C of the Act only if the said material pertains to the Assesssment Years in question. 8. With respect to Assessment Years 2010-11 & 2012-13, this Court is of the view that the recovery of the annual report and the share certificate of the Petitioner from premises of Minda Group cannot be considered to be incriminating documents. A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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