TMI Blog2024 (2) TMI 458X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act on 28.10.2009, this means that notice u/s 143(2) of the Act could be issued up to 30.09.2010 (i.e. six months from the end of the financial year in which return was filed i.e. 2009-10). The search in this case was conducted on 14.09.2010 before the end of the stipulated time period for issuance of notice u/s 143(2) of the Act. Hence, the assessment for AY 2009-10 cannot be treated as abated or pending on the date of initiation of search. In this view of the matter, the addition is not restricted to seized material found during the course search in case of abated assessment. Assessing Officer can very rely upon his own enquiry. In the present case AO s enquiry has clearly revealed that the unsecured loan is unexplained cash credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unning of hotels. A search and seizure and a survey operation u/s 132/133A of the Income-tax Act, 1961 (for short the Act ) was conducted by the Directorate of Income Tax (Inv)- II, New Delhi in Jagat group of cases, its directors, other individuals and its connected associates at 'their business and residential premises on 14.09.2010. The assessee business premises at Plot No.4, Sector-13, Dwarka City, Centre, New Delhi has also simultaneously searched by the Investigation Wing of the department u/s 132(1) of the Act. The case of the assessee was centralized u/s 127 by the CIT-IV/Centralization/68/2012- 13/1681 dated 25.09.2012 and the jurisdiction over the assessee s case was assigned to the present Assessing Officer, Central Circle- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceedings, on perusal of the balance sheet, the Assessing Officer noticed that the assessee had taken unsecured loans from the following parties : (i) M/s Index Securities Research Pvt. Ltd. Rs. 1,00,00,000/- (ii) M/s Attractive Finlease Ltd. Rs. 30,00,000/- (iii) M/s Trans National Growth Fluid Ltd. Rs: 3,00,00,000/- Total : Rs. 4,30,00,000/- 3.2 Vide notice u/s 142(1) dated 31.12.2012, the Assessing Officer asked the assessee to furnish the details of the un-secured loans, with the complete address of the lenders, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting to Rs. 4,30,00,000/- as unexplained cash credits in the books of account of the assessee and added the same to the income of the appellant u/s 68 of the Act. 4. Upon assessee s appeal, ld. CIT (A) deleted the addition by concluding as under :- 10.1.10 Therefore, in short, to summarize, no addition was made on the basis of the seized material. in the present case by the Assessing Officer which is, as good as no incriminating material found in the course of search as, the transactions on the said material was found recorded in the books of account of the appellant and disclosed in the return filed before the Assessing Officer, prior to the search. However, this does not restrict the Assessing Officer not to enquire other issues u/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2) of the I.T. Act 1961 provided that no notice under this subsection shall be served on the assessee after the expiry of [threel months from the end of the financial year in which the return is furnished. (84. Substituted for six by the Finance Act, 2021, w.e.f. 01.04.2021.) 4. In the instant case original return was filed u/s 139(1) on 28.10.2009 means notice u/s 143(2) of the IT Act can be issued up to 30.09.2010. (six months from the end of the financial year in which return was filed i.e. 2009-10) whereas search was conducted on 14.09.2010 (before the end of the stipulated time period for issuance of notice u/s 143(2) of the I.T. Act. Hence, the assessment for A.Y. 2009-10 was to be treated abated or pending on the date o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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