9911796707
TMI Blog2024 (8) TMI 1503X X X X Extracts X X X X X X X X Extracts X X X X ..... ggrieved by the judgment dated 17 April 2023, posits the following questions of law for our consideration: "2.1 Whether on facts and circumstances of the case, Ld. ITAT has erred in not treating the statement under section 132(4) as incriminating in nature and thereby deleting the addition of Rs. l1,87,39,176/- without going into the merits of the same? 2.2 Whether on facts and circumstances of the case, Ld. ITAT is correct in upholding the decision of Ld. CIT(A) on deletion of addition of Rs.43,53,770/- without going into merits of the same? 2.3 Whether on facts and circumstances of the case, Ld. ITAT has erred both on law and facts in declaring the information shared by France with India under relevant provisions of 'exchange of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sment year in which the search takes place. (ii) Assessments and reassessments pending on the date of the search shall abate. The total income for such assessment years will have to be computed by the Assessing Officers as a fresh exercise. (iii) The Assessing Officer will exercise normal assessment powers in respect of the six years previous to the relevant assessment year in which the search takes place. The Assessing Officer has the power to assess and reassess the "total income" of the aforementioned six years in separate assessment orders for each of the six years. In other words, there will be only one assessment order in respect of each of the six assessment years "in which both the disclosed and the undisclosed income would be b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which were not produced or not already disclosed or made known in the course of original assessment." 4. Undisputedly, the assessment was confined to Section 153A of the Income Tax Act, 1961 Act and consequently the significance of the incriminating material found in the course of the search alone possibly constituting the basis for any additions. 5. Since and undisputedly the pen-drive was an article which was not recovered in the course of the search but constituted material which had been obtained by the appellants through the exchange of information route, we find no ground to interfere with the view expressed by the Tribunal. 6. The appeal consequently fails and shall stand dismissed. 7. Insofar as proposed question 2.3 is concern ..... X X X X Extracts X X X X X X X X Extracts X X X X
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