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| The Tax Publishers2021 TaxPub(DT) 5022 (Mum-Trib) INCOME TAX ACT, 1961
Section 153A
Statement recorded under section 132(4) could not be considered as incriminating material unearthed during search. As assessment for the year under consideration remained in unabated as on date of search, therefore, same could not be interfered with in the absence of incriminating material. Therefore, addition was set aside.
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Search and seizure - Assessment under section 153A - Addition based on statement recorded during search - No incriminating material-Unabated assessment
AO, pursuant to search conducted at assessee's premises, framed assessment under section 153A and made addition under section 2(22(e) based on statement recorded during search. Assessee challenged this on the ground of no incriminating material found during search.Held: Search statement recorded under section 132(4) could not be considered as incriminating material unearthed during search. As assessment for the year under consideration remained unabated as on date of search, therefore, same could not be interfered with in the absence of incriminating material. Therefore, addition was set aside.
Relied:CIT v. Continental Warehousing Corporation (Nhava Sheva) Ltd. (2016) 374 ITR 645 (Bom)(HC) : 2015 TaxPub(DT) 2182 (Bom-HC), CIT v. Gurinder Singh Bawa (2017) 79 taxmann.com 398 (Bom) : 2016 TaxPub(DT) 3900 (Bom-HC), CIT v. Deepak Kumar Agarwal (2017) 86 taxmann.com 3 (Bom) : 2017 TaxPub(DT) 4400 (Bom-HC) and 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. : 2008-09
IN THE ITAT, MUMBAI BENCH
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