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The Tax PublishersIT(SS)A Nos. 203 to 206/Ind/2017, C.O Nos. 05 to 08/Ind/2019 (Arising out of IT(SS)A Nos. 203 to 206/Ind/2017)
2021 TaxPub(DT) 3720 (Ind-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
Assessee was a Private Limited Company engaged in commodity trading and providing services in capacity of being a member of National Commodity & Derivative Exchange Ltd. (NCDEX) and National Board of Trade, Indore (NBOT). AO pursuant to search conducted at assessee's premises, framed assessment under section 153A and made additions on account of profits earned by clients on NBOT pre-account. Assessee challenged this on the ground that no incriminating material was found during the course of search.Held: 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.
Relied:CIT v. Kabul Chawla (2016) 380 ITR 573 (Del) : 2015 TaxPub(DT) 3486 (Del-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2005-06 to 2008-09
IN THE ITAT, INDORE BENCH
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