TMI Blog2023 (10) TMI 198X X X X Extracts X X X X X X X X Extracts X X X X ..... by Hon ble Supreme Court by rendering judgment in the case of PCIT vs. Abhisar Buildwell P. Ltd. [ 2023 (4) TMI 1056 - SUPREME COURT] approving the proposition of jurisdictional High Court in the case of CIT vs. Kabul Chawla, [ 2015 (9) TMI 80 - DELHI HIGH COURT] In said judgments, it was categorically held by Hon ble Supreme Court and Hon ble Jurisdictional High Court that completed assessments can be interfered with by the AO while making assessment order under Section 153A of the Act only on the basis of some incriminating material unearthed during the course of search. As we have found, as noted above that there is no incriminating material in the hands of Assessing Officer, which was found and seized during the course of a search ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... claimed by the assessee to Rs.39,44,000/- while computing the income under the head capital gains. (ii). That the above addition has been confirmed arbitrarily estimating the cost of construction of Rs.800/- per square foot without there being any basis for the same. (iii) That the above said addition has been confirmed ignoring the detailed submissions and explanations along with the evidences brought on record by the assessee in this regard. 3. Learned Counsel submitted that the search was carried out on Mr. Padam Sain Gupta and others on 22.01.2018. The Learned Counsel further contended that during the course of search and seizure operation, no incriminating document was found and seized against the assessee. Learned Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... note that Learned CIT(A) restricted and reduced the addition to Rs.33,19,010/- and there is no appeal by the Department against ground of relief by the Learned CIT(A) to the assessee perhaps due to low tax effect. From the relevant part, para 6 of first appellate order, we note that the Learned CIT(A) did not controvert that the present A.Y. 2012-13 is the year where on the date of search, assessments were completed but he denied relief to the assessee by referring to the judgment of Hon ble Allahabad High Court in the case of CIT vs. Raj Kumar Arora [2014] 367 ITR 517 and Hon ble Kerala High Court in the case of E.N. Gopakumar vs. CIT (Central), [2016] 75 Taxman.com 215 (Kerala). However, now the issue has been settled by Hon ble Supreme ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
