2012 (11) TMI 932

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....osed of by this common order for the sake of convenience. 2. Briefly stated facts of the case are that the assessee company is engaged in the business of trading of Painting, Sculptures and other works of Art. A search and survey action u/s 132 and 133A of the Income Tax Act, 1961 (in short the Act) was carried out on 17.4.2007 in the case of M/s Osian's Connoisseurs of Art Pvt. Ltd. and its Associate Concerns. The residential and office premises of the directors Shri Neville Tuli and Shri Sanjeev Khandelwal were also searched. In response to the notice issued u/s 153C of the Act, the returns were filed showing an income of Rs.3,96,255/-, Rs.(-)1,66,942/- and Rs.82,48,059/- for the assessment years 2005-06, 2006-07 and 2007-08 respective....

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.... reads as under :   "1. On the facts and circumstances of the case, the ld. CIT(A) erred in confirming order of the AO passed u/s 143(3) r.w.s.153C which is bad in law void, ab-initio."   6. At the time of hearing, the ld. Counsel for the assessee submits that he does not want to press common Ground No.1 raised in all the assessment years which was not objected to by the ld. DR.   7. That being so and in the absence of any other supporting materials placed on record, the common ground taken by the assessee for all the above assessment years is, therefore, rejected being not pressed.   8. The common grounds No.2 and 2.1 in all these appeals extracted from the assessment year 2005-06 read as under : "2. On t....