TMI Blog2023 (12) TMI 279X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the search. Since, the AO himself admitted that the addition is made dehors any seized incriminating material during the search, respectfully following the precedent of Hon ble Apex Court, we set-aside the order of the Ld. CIT(A) and decide the issue in favour of the assessee. - Shri Shamim Yahya, Accountant Member And Shri Challa Nagendra Prasad, Judicial Member For the Assessee : Sh. Dishant Sethi, Adv., Sh. Shyam Sunder, Adv. And Sh. Jitin Singhal, Adv. For the Revenue : Ms. Sapna Bhatia, CIT-DR ORDER PER SHAMIM YAHYA, AM, This appeal by the assessee is directed against the order of the ld. CIT (Appeals)-13, New Delhi dated 31.08.2020 for the assessment year 2014-15. 2. The grounds of appeal raised b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has also been charged arbitrarily on the tax illegally imposed. 3. At the outset, in this case, the ld. Counsel for the assessee submitted that the assessment has been framed u/s 153A of the Act pursuant to a search. However, he submitted that no addition in this case has been done by referring to seized material found during the search. For this purpose, he submitted that said assessment order itself contains the remark of the Assessing Officer is as under:- Office Note: Since, there is no seized material relating to this assessment year. Besides, as per Bank Accounts of the assessee, a sum of Rs. 71/- only has been credited as interest. Besides, a sum of Rs 2,00,000/- and Rs. 10,000/- only have been deposited by the assessee into ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceeding are being issued U/s 271(1)(b) of the IT Act are being initiated separately. With these remarks, taxable income of the assessee for this assessment year is computed as under: INCOME FROM BUSINESS; Taxable Income n: declared in the return of income Rs 2,50,430/- Add: - Addition U/s 68 of the IT Act as discussed above (Rs 2,00,000/-+Rs10,000/-) Rs 2,10,000/- INCOME FROM OTHER SOURCES: Bank Interest accrued from Axis Bank Rs. 21/- Bank Interest accrued from Kangra Coop. Bank Rs. 71 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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