9911796707
TMI Blog2024 (11) TMI 1376X X X X Extracts X X X X X X X X Extracts X X X X ..... de by the Assessing Officer u/s 153A of the Income-tax Act, 1961 [the Act, for short] when there was no incriminating document/material found during the course of search. 3. The representatives of both the sides were heard at length, the case records carefully perused and we have duly considered the documentary evidences brought on record in the form of Paper Book in light of Rule 18(6) of ITAT Rules. 4. Briefly stated, the facts of the case are that a search and seizure operation u/s 132 of the Income-tax Act, 1961 [hereinafter referred to as 'The Act'] was conducted on 29.12.2015 on the residential as well as office premises of the Mapsko Group of cases including the assessee. Accordingly, statutory notices were issued and serve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Supreme Court in Abhisar Buildwell. 10. We have heard the rival submissions and have carefully perused the orders of the authorities below and the relevant material on record. Having heard the rival submissions, we find that the factual matrix of the instant case shows that the only seized document referred to in the assessment order by the AO at Para 3 of the assessment order is the list of shareholders of M/s Confident Distributors Pvt. Ltd, which included the assessee. The CIT(A) correctly held that the document is available in public domain and hence cannot be categorized as incriminating document. 11. We find that the addition is made u/s 56(2)(viii)(c) on account of difference in the face value of fresh issue of shares by the compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iew of the above and for the reasons stated above, it is concluded as under: i) that in case of search under Section 132 or requisition under Section 132A, the AO assumes the jurisdiction for block assessment under section 153A; ii) all pending assessments/reassessments shall stand abated; iii) in case any incriminating material is found/unearthed, even, in case of unabated/completed assessments, the AO would assume the jurisdiction to assess or reassess the 'total income' taking into consideration the incriminating material unearthed during the search and the other material available with the AO including the income declared in the returns; and iv) in case no incriminating material is unearthed during the search, the AO cannot asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce of undisclosed income even found during the search and seizure operation. 15.1 In view of the discussion hereinabove, once during search undisclosed income is found on unearthing the incriminating material during the search, the AO would assume jurisdiction to assess or reassess the total income even in case of completed/unabated assessments. Therefore, the impugned judgment(s) and order(s) passed by the High Court taking the view that the AO has the power to reassess the return of the assessee not only for the undisclosed income, which was found during the search operation but also with regard to material that was available at the time of original assessment does not require any interference. Under the circumstances, the aforesaid app ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
