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TMI Blog2023 (8) TMI 1181X X X X Extracts X X X X X X X X Extracts X X X X ..... ral Circle-14, New Delhi u/s 153C r.w.s. 143(3) of the Act (hereinafter referred in short as "Ld. AO"). 2. Heard and perused the records. 3. The brief facts of the case are that the assessee is an individual, engaged in the business of distribution of bullion and jewellery for the last 25 years. The appellant has been carrying out its business activities under the name and style of M/s Bharat Bullion Bourse having office at 1165, Kucha Mahajani, Chandni Chowk, Delhi-110006. The appellant during the period under consideration had filed his return of income at Rs. 19,83,000/- on 27.11.2014, in the normal course and the same was assessed u/s 143(3) of the Income Tax Act, 1961 at income of Rs. 21,08,425/-. 3.1 Later on, a notice u/s 148 of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act was completed on 28.12.2021 at total income of Rs. 88,90,609/- after making the addition of Rs. 67,82,179/- on account of unaccounted cash paid to M/s Faith Jewellers for getting accommodation entries. Aggrieved with the assessment order, the assessee filed an appeal before CIT(A). 4. The Ld. CIT(A) vide dated 27.12.2022 allowed the appeal of the assessee holding that assessment made for assessment year 2014-15 is invalid as 6 previous assessment years from the year of search has to be reckoned from the date when the books of accounts or seized documents were handed over to the Assessing Officer and when the satisfaction stood recorded. Ld. CIT(A) relied upon the decision of Hon'ble High Court in the case of CIT vs. RRJ Securit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y in different context and it clearly referred to Second Proviso of Section 153A only substituting the date of handing over in place of the date of initiation of search in the case of 'other person' for the limited purpose of abatement only and not for the purpose of making assessment under Section 153C(1). iv Whether on the facts and circumstances of the case and in law, Ld. CIT(A) is correct in relying upon the decision of Hon'ble SC in the case of PCIT vs. Raj Buildworth Pvt. Ltd. where in SLP was dismissed on the ground of delay and not on merit. V (a) Whether on law and facts of the case the order of the Ld. CIT(A) is erroneous and not tenable in law and on facts. (b) The appellant craves leave to add, amend any/all t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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