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The Tax PublishersIT(SS).A No. 85/Kol/2017
2019 TaxPub(DT) 1369 (Kol-Trib)INCOME TAX ACT, 1961
Section 153A
Only a general observation that Investigation Wing had recorded some statements could not be categorized as incriminating material found during the course of search, therefore, unabated assessment could not be interfered with while framing assessment under section 153A on the basis of such general observations.
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Search and seizure - Assessment under section 153A - No incriminating material found during search - Addition in respect of unabated assessment based on general statement
AO received information from Investigation Wing as to assessee having received unexplained share application money from alleged entry operators. Accordingly, search and seizure operation was conducted at assessee's premises and AO while framing assessment under section 153A, made addition of share application received, under section 68. Held: AO while making addition made only a general reference that there were certain statements recorded from various entry operators by the Investigation Wing. Such general observations could not be categorized as incriminating material found during the course of search and since assessment for the assessment year in question had not abated addition made in assessment under section 153A could not be sustained.
Relied:Anurag Dalmia v. Dy. CIT [ITA Nos. 5395 & 5396/Del/2017] : 2018 TaxPub(DT) 0905 (Del-Trib)], Pr. CIT v. Salasar Stock Broking Ltd. (ITAT No. 264 of 2016) dt. 24-8-2016 (Cal), CIT v. Veerprabhu Marketing Ltd. (2016) 73 Taxmann.com 149 (Cal) and CIT v. Kabul Chawla (2016) 380 ITR 0573 (Del) : 2015 TaxPub(DT) 3486 (Del-HC).
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
IN THE ITAT, KOLKATA BENCH
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