| The Tax Publishers2021 TaxPub(DT) 4571 (Mum-Trib) INCOME TAX ACT, 1961
Section 153A
During search no materials were found in respect of assessee, except copies of assessee's ledger account, not which were part of books of account, and statement recorded during search under section 132(4). Such materials/evidences could not be said to incriminating material found during search. Further, statement recorded during search could not be considered an incriminating material. Therefore, regular assessment for the year under consideration which remained unabated as on date of search, 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
AO, pursuant to search conducted at assessee's premises, framed assessment under section 153A and made addition on account of deemed dividend under section 2(22)(e). Assessee challenged this on the ground of no incriminating material found during search. Held: During search no materials were found in respect of assessee except copies of assessee's ledger account, which were part of books of account, and statement recorded during search under section 132(4). Such materials/evidences could not be said to incriminating material found during search. Further, statement recorded during search could not be considered an incriminating material. Therefore, regular assessment for the year under consideration which remained unabated as on date of search, could not be interfered with while framing search assessment under section 153A in the absence of incriminating material found during search. Even addition was not sustainable on merits also.
Followed:CIT v. Continental Warehousing Corporation (Nhava Sheva) Ltd. (2016) 374 ITR 645 (Bom-HC) : (2015) 58 Taxmann. com 78 (Bom-HC) : 2015 TaxPub(DT) 2182 (Bom-HC), CIT v. Gurinder Singh Bawa (2017) 79 taxmann.com 398 (Bom)(HC) : 2016 TaxPub(DT) 3900 (Bom-HC), CIT v. Deepak Kumar Agarwal (2017) 86 Taxmann.com 3 (Bom)(HC) : 2017 TaxPub(DT) 4400 (Bom-HC), All Cargo Global Logistics Ltd. v. Dy. CIT (2012) 18 ITR(T) 106 (Mum-Trib) (SB) : 2012 TaxPub(DT) 2464 (Mum-Trib)
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2007-08 to 2012-13
IN THE ITAT, MUMBAI BENCH
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