TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Appeal Dismissed: No Grounds for Action Under IT Act Sec. 153C Due to Lack of Evidence in Search Findings.</h1> <h3>The Principal Commissioner of Income Tax Central Ahmedabad Versus Kaushik Nanubhai Majithia</h3> The Guj. HC dismissed the appeal concerning proceedings under Sec. 153C of the IT Act, 1961. The court determined there was no justification for ... Validity of assessment u/s 153C - Proceedings initiated on the basis of an excel sheet found from the computer of a person, associated with the Developer Company in the premises of whom the search was conducted - excel sheet, according to the learned Counsel for the Revenue, contained the details of payment made by the assessee to the developer, with respect to which tax had been paid by the developer before the Settlement Commissioner HELD THAT:- There is no basis for conducting proceedings against the assessee merely for the fact that the developer had paid tax on the amount shown in the excel-sheet. There is no adjudication with regard to the payment, which was shown in the excel-sheet to the effect that the same was actually paid by the assessee to the developer. Even otherwise, the concurrent findings returned by the CITA and ITAT are that the document found from the premises of the third party namely excel-sheet, which is the basis of the proceedings was without any signature and there is no corroborative material to substantiate the said document. The nature of the document has not been explained by the AO while proceeding against the assessee. The statements of the persons recorded during search with reference to the alleged, seized material, was not provided to the assessee and hence, the entire proceedings under Section 153C stood vitiated. No substantial question of law arises to entertain this appeal. The Gujarat High Court dismissed the appeal regarding proceedings under Section 153C of the Income Tax Act, 1961. The court found no basis for initiating proceedings against the assessee based on an excel sheet found during a search, as there was no proof of the transaction between the assessee and the developer. The court concluded that no substantial question of law arose, and the appeal was dismissed.
TaxTMI 
TaxTMI 
