The Tax PublishersITA Nos. 6182, 6171, 6173 to 6175, 6187 to 6179, 6930, 5854, 6181, 6183, 6185, 6186/Del./2018
2020 TaxPub(DT) 5564 (Del-Trib)INCOME TAX ACT, 1961
Section 153A
As regular assessment for the year under consideration remained unabated as on date of search, therefore, same could not be interfered with while framing search assessment under section 153A in the absence of incriminating material found during search.
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Search and seizure - Assessment under section 153A - No incriminating material found during search - Unabated assessment
During the course of search list of transfer of shares since 1-4-2010 till 31-3-2011 was found and recovered from Jalalabad Road, Shahjahanpur which was not the address of assessee. AO based thereon framed assessment under section 153A and made addition on account of unexplained investment in shares. Assessee challenged this on the ground of no incriminating material found during search. Held: Seized paper merely reflected the date, name of transferor and transferee and number of shares. The document did not speak of any unexplained investment made by assessee and, therefore, could not be considered as incriminating material in nature. As regular assessment for the year under consideration remained unabated as on date of search, therefore, same could not be interfered with while framing search assessment under section 153A.
Followed:CIT v. Kabul Chawla 380 ITR 573 (Del.) : 61 Taxman.com 412 (Del-HC) : 2015 TaxPub(DT) 3486 (Del-HC), Pr. CIT v. Meeta Gutgutia (2017) 395 ITR 526 (Del-HC) : 2017 TaxPub(DT) 1767 (Del-HC), Pr. CIT v. Meeta Gutgutia (2017) 395 ITR 526 (Del.) : 2017 TaxPub(DT) 1767 (Del-HC), Madho Gopal Agarwal [I.T.A. No. 6184/DEL/2018, dt. 13-1-2020] and M/s. Kapis Implex LLP[ITA No. 6180/Del./2018, dt. 30-6-2020]
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2010-11 & 2011-12
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