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TMI Blog2023 (8) TMI 1259X X X X Extracts X X X X X X X X Extracts X X X X ..... ER PER N. K. BILLAIYA, AM: This appeal by the assessee is preferred against the order of the CIT(A)-30, New Delhi dated 20.05.2016 pertaining to A.Y.2006-07. 2. The substantive grievance of the assessee read as under :- 1. That the Commissioner of Income Tax (Appeals) ['CIT(A)'] erred on facts and in law in rejecting grounds of appeal no. 1.1 (infra), raised by the appellant as additional gro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax; b) the amount/nature of subsidy/ incentive was nowhere accounted/shown by the appellant in the books of account of the appellant or the tax audit report; c) the appellant could have made the above claim by filing revised return of income under section 139(5) or return of income in response to notice issued under section 153A of the Act. 2. That the CIT(A) erred on facts and in law in con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... including those investments on which no exempt income was earned by the appellant during the year under consideration. 2.3 That the CIT(A) further erred on facts and in law in directing the assessing officer to compute disallowance under section 14A on the basis of 0.5% of average value of investments excluding only the amount of investments made in growth oriented mutual funds. 3. That the CI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vide order dated 20.03.2012. 5. In the meantime a search and seizure action u/s. 132 of the Act was initiated in the case of the assessee group on 14.11.2011 and accordingly proceeding u/s. 153A were triggered which culminated into the assessment order dated 13.03.2015 framed u/s. 153A of the Act at total income of Rs. 62115752/-after making the addition on account of bogus expenses of Rs. 10750 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unabated assessment can be reopened/ reassessed only on the basis of some incriminating material found at the time of search as held by the Hon'ble Supreme Court in the case of Abhisar Buildwell Private Limited 149 taxmann.com 399. since the impugned assessment is devoid of any incriminating material found at the time of search the assessment order deserves to be quashed. Since the assessment ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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