TMI Blog2023 (10) TMI 569X X X X Extracts X X X X X X X X Extracts X X X X ..... s the 'total income' taking into consideration the incriminating material collected during the search and other material which would include income declared in the returns, if any, furnished by the assessee as well as the undisclosed income. In case during the search no incriminating material is found, in case of completed/unabated assessment, the only remedy available to the Revenue would be to initiate the reassessment proceedings under sections 147/48 of the Act, subject to fulfilment of the conditions mentioned in sections 147/148, as in such a situation, the Revenue cannot be left with no remedy. Therefore, even in case of block assessment under section 153A and in case of unabated/completed assessment and in case no incrimi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n'ble ITAT was correct in deleting the additions made in the assessment order which was rightly upheld by the CIT (Appeals)? B. Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT erred in deleting the addition the ground that the same is not based on incriminating documents, although the Assessment was made for the first time and all the issues were open to the AO for verification? C. Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT erred in deleting the addition of on account of Long term capital gains (LTCG) claimed as exempt u/s 10(38) and of Rs. 1,80,006/- on account of commission paid made under Section 68 and u/s 69C respectively pertaining to bogus tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ental Representative could not dispute the proposition that additions in the present case cases have not been made on the basis of any incriminating material found during search. 7. Based upon the above, the I TAT, by following the decisions of the Mumbai Bench of the Tribunal in the case of DCIT V/s. Vipul Suresh Kumar Modi in ITAT No.540/Mum/2021 and of this Court in Commissioner of Income-tax-Il, Thane V/s. Continental Warehousing Corporation (Nhava Sheva) Ltd.] [2015] 58 taxmann.com 78 (Bombay) has held that in the absence of any incriminating material found during the course of the search, the Assessing Authority or the Commissioner (Appeal) had no jurisdiction to make any additions in respect of completed or unabate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no incriminating material is found, in case of completed/unabated assessment, the only remedy available to the Revenue would be to initiate the reassessment proceedings under sections 147/48 of the Act, subject to fulfilment of the conditions mentioned in sections 147/148, as in such a situation, the Revenue cannot be left with no remedy. Therefore, even in case of block assessment under section 153A and in case of unabated/completed assessment and in case no incriminating material is found during the search, the power of the Revenue to have the reassessment under sections 147/148 of the Act has to be saved, otherwise the Revenue would be left without remedy. 10. Thus, the view taken by the ITAT, which view, in turn, is based upon the de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 48 is concerned, Mr Joshi also does not dispute that such a liberty would be available to the Revenue subject to fulfilment of the conditions mentioned in Section 147/148. In U.K. Paints (Overseas) (supra), the Hon'ble Supreme Court, upon referring to Abhisar Buildwell (P.) Ltd. (supra), particularly, the observations in paragraphs 11 and 13 clarified that the Revenue would have the liberty to initiate reassessment proceedings under Section 147/148 subject no doubt to fulfilling the conditions stipulated in the said Sections. A similar clarification can also be issued in the present case. 13. Ms Razaq submits that all contentions of all parties regarding reassessment under Section 147/148 may be kept open including in all contentions ..... X X X X Extracts X X X X X X X X Extracts X X X X
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