TMI Blog2022 (12) TMI 937X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Hon ble High Court the scope of making additions by the AO is restricted only to income that is not disclosed which is detected or which emanates from material found in the course of search which are incriminating. The impugned issue of assets written off and the expenditure claimed without TDS for which the PCIT has invoked the revisionary power are not arising out of incriminating material and have already been disclosed in the financials of the assessee. AO therefore could not have made any addition towards the same. We therefore are of the considered view that treating the order of assessment passed u/s.143(3) r.w.s 153A as erroneous on this ground is not tenable and that the PCIT is not correct in invoking the revisionary powe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 263 of the Act is bad in law on the facts and circumstances of the case. 3. The assessee is a company engaged in the business of operating casual dining restaurants chain in India. The assessee filed the return of income for the AYs under consideration as per details given below:- AY Total Income Declared Date of filing Return of income 2012-13 3,11,750 29.09.2012 2013-14 4,72,95,000 29.11.2013 2015-16 25,87,10,990 25,09.2015 4. There was a search in the premises of the assessee on 10.1.2018 in connecti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ieved by the order of the PCIT. 6. Before us, the ld. AR submitted that as on the date of search the assessment proceedings for the AYs 2013-13 and 2013-14 have been completed as per details given below and consequently as per the provisions of 2nd proviso to section 153A of the Act, the same are unabated assessments. AY Date of Order Paperbook Reference 2012-13 23.3.2015 Pg.19 to 24 of PB 2013-14 23.3.2016 Pg. 20 to 24 of PB 7. The ld AR also submitted that for AY 2015-16 the return of income was filed on 25.9.2015 and the time limit for issue of notice u/s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... material on record. In the present case, the assessment in AYs 2012-13 and 2013- 14 have been completed u/s.143(3) is completed prior to the date of search i.e. 10.01.2018 and for AY 2014-15 the return filed by the Assessee was accepted and no notice u/s.143(2) of the Act was issued within the time limit laid down under those provisions to make an assessment u/s.143(3) of the Act within the time contemplated in law. The proceedings for these Assessment years were not pending and did not abate by virtue of the second proviso to Sec.153A(1) of the Act, which provides that any assessment proceedings for any of the six assessment years set out in Sec.153A (1) of the Act, which is pending as on the date of initiation of search u/s.132 of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X
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