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The Tax PublishersCO Nos. 59, 61, 63, 64, 88 & 89/Del/2017 & ITA Nos. 169 to 176/Del/2017
2019 TaxPub(DT) 3168 (Del-Trib)INCOME TAX ACT, 1961
Section 153A
So far as loose papers seized and inventorised were concerned, it is an admitted fact that these papers did not belong to assessee and these papers belonged to the six investor companies of assessee, therefore, same could not be considered as incriminating material and in the absence thereof no addition could be made in case of non-abated assessment.
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Search and seizure - Assessment under section 153A - No incriminating material found during search -
During search at assessee's premises, loose sheet belonging to six investor companies were found and seized. In pursuance thereto AO framed assessment under section 153A and treated share application money received by assessee from said investor companies as unexplained credit under section 68 in assessee's case. Regular assessment for the year under consideration remained unabated as on the date of search. Held: So far as loose papers seized and inventorised were concerned, it is an admitted fact that these papers did not belong to assessee and these papers belonged to the six investor companies of assessee, therefore, same could not be considered as incriminating material and in the absence thereof no addition could be made in case of non-abated assessment.
Relied:CIT v. Kabul Chawla (2016) 380 ITR 573 (Del) : 2015 TaxPub(DT) 3486 (Del-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. :
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