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| The Tax Publishers2020 TaxPub(DT) 1746 (Mum-Trib) INCOME TAX ACT, 1961
Section 153A
Unabated/finalised assessment could not be interfered with while framing search assessment under section 153A on the basis of third party statement recorded during post search as same could not be termed as incriminating material for the purpose of section 153A.
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Search and seizure - Assessment under section 153A - Incriminating material vis-Ã -vis addition on the basis of third party statement recorded post search - Unabated assessment
AO pursuant to search conducted at assessee's premises, framed assessment under section 153A and made addition on the basis of third party statement recorded post search. Regular assessment for the year under consideration remained unabated as on date of search.Held: Third party statement recorded during post search proceedings could not be termed as incriminating material for the purpose of section 153A and in the absence of incriminating material unearthed during search, unabated/finalised assessment could not be interfered with while framing search assessment.
Followed:CIT v. Continental Warehousing Corporation (2015) 374 ITR 645 (Bom) : 2015 TaxPub(DT) 2182 (Bom-HC) and CIT v. Kabul Chawla (2015) 380 ITR 573 (Del) : 2015 TaxPub(DT) 3486 (Del-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2013-14 & 2014-15
IN THE ITAT, MUMBAI BENCH
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