TaxTMI 
TaxTMI 
2014 (8) TMI 387
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.... law, impugning the decision of the Income Tax Appellate Tribunal dated 15th February, 2013: i. Whether the Tribunal erred on facts and in law in not holding that re-computation of book profit, de-hors any material found during the course of search, in the order passed under section 153A of the Act was without jurisdiction, being outside the scope of proceedings under that section? ii. Whether on the facts and circumstances of the case, the Tribunal erred in law in upholding the action of the assessing Officer in denying set off of book loss unabsorbed depreciation relatable to earlier assessment year(s) in terms of clause (iii) of Explanation 1 to section 115JB of the Act? iii. Whether the Tribunal misconstrued the provisions of s....
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....id argument has no substance and has to be rejected. Under Section 153A of the Act, the additions need not be restricted or limited to the incriminating material, which was found during the course of search. There cannot be multiple assessments, once Section 153A of the Act is applicable. Section 153A(1) postulates one assessment, computing the total income of six assessment years immediately preceding the assessment year relevant to the previous year in which search was conducted or requisition was made. Total income is assessed or reassessed in the order under Section 153A of the Act and the Section applies notwithstanding Sections 139, 147, 148, 149, 151 and 153 of the Act. 3. Learned counsel for the appellant-assessee has relied on t....
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....tia, (2012) 211 Taxmann 453 (Del), wherein it has been elucidated that Section 153A starts as a non-obstante clause and therefore overrides the normal assessment procedures covered by Sections 139, 147, 148 etc. of the Act and that Section 153A is a special provision in respect of the searches made after 31st May, 2003. Prior to that, in cases of search and seizure, procedures and provisions of Chapter XIV-B were applicable, which provides for passing of an 'block assessment' order, in respect of 10/6 assessment years. However under Section 153A, a single assessment order has to be passed for the undisclosed income. The block assessment order was in addition to the normal assessment, as was clarified by explanation below Section 158....
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....gs have already been completed and assessment orders have been passed determining the assessee's total income and such orders are subsisting at the time when the search or the requisition is made, there is no question of any abatement since no proceedings are pending. In this latter situation, the Assessing Officer will reopen the assessments or reassessments already made (without having the need to follow the strict provisions or complying with the strict conditions of Sections 147, 148 and 151) and determine the total income of the assessee. Such determination in the orders passed under Section 153A would be similar to the orders passed in any reassessment, where the total income determined in the original assessment order and the inc....
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....74) 413 (1989) Book Loss - Dep - Book Loss (910) Dep (1079) 31.03.2004 1800 (617) 1191** (806) Set off (910) - As assessed by the assessing officer in the subject assessment year. 6. In the present appeal, we are concerned with the period ending 31st March, 2014 i.e. the Assessment Year 2004-05. In the last Assessment Year i.e. Assessment Year 2003-04 ending 31st March, 2003, the appellant-assessee had earned net book profit of Rs. 413 lakhs after setting off the said years depreciation of Rs. 574 lakhs. For the purpose of Section 115JB, the assessee was allowed to set off the book profit of Rs. 413 lakhs from the carry forward book losses of Rs. 910 lakhs. In oth....