The Tax Publishers2019 TaxPub(DT) 2505 (Pune-Trib)

INCOME TAX ACT, 1961

Section 153A

Without there being any incriminating material found during search neither any addition can be made nor there could be any change of opinion, be it change of head of income as regular assessment remained unabated as on the date of search.

Search and seizure - Assessment under section 153A - Possibility of change of head of income - No incriminating material found during search

AO pursuant to search conducted at assessee's premises framed assessment under section 153A and taxed profit on sale of shares as assessee's business income on the grounds that assessee was is trading in shares. Assessee contended that profit on sale of shares having already been assessed as capital gain during regular assessment, could not be treated differently without there being any incriminating material found during search. Held: Without there being any incriminating material found during search neither any addition can be made nor there could be any change of opinion, be it change of head of income as regular assessment remained unabated as on the date of search.

Relied on :CIT (Central) -III v. Kabul Chawla 2015 TaxPub(DT) 3486 (Del-HC) : (2016) 380 ITR 573 (Del), CIT-II, Thane v. Continental Warehousing Corporation (Nhava Sheva) Ltd., All Cargo Global Logistics Ltd. 2015 TaxPub(DT) 2182 (Bom-HC) : (2015) 374 ITR 645 (Bom) and The CIT (Central), Aayakar Bhavan, Nagpur v. M/s. Murli Agro Products Ltd. in 2014 TaxPub(DT) 3361 (Bom-HC).

REFERRED :

FAVOUR : In assessee's favour

A.Y. : 2006-07 to 2009-10



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