TaxTMI 
TaxTMI 
2015 (4) TMI 545
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.... assessee company was found from the premises of the searched person and thus, the proceedings initiated under section 153C of the Act should have been quashed as such." 3. At the time of hearing, before us, it was submitted by the ld. counsel of the assessee that search & seizure operation u/s 132 of the I.T. Act was carried out on 5-1-2009 in Taneja-Puri group of cases. During the course of search, certain documents belonging to the assessee were found and seized. On the basis of those documents, the AO initiated proceedings u/s 153C in the case of the assessee. He stated that the documents seized from the premises of Taneja-Puri group of cases were relevant to asstt. year 2009-10 and in that year the AO had already made the addition on the basis of such documents. In support of this contention he referred to satisfaction note recorded by the AO for initiating proceedings u/s 153C and pointed out that page nos. 19 to 23 of Annexure A-7 belonged to the assessee. He also referred to assessment order for AY 2009-10 and pointed out that all these documents pertained to AY 2009-10 and the addition on the basis of these documents was already made in assessment year 2009-10. He, ther....
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....eal rate of the shop is mentioned. Out of the total consideration part is received as cheque and corresponding rate received through cheque is mentioned under it and also the agreement value. It is seen that the project TDI Centre Jasola was undertaken by Brightways Housing and Land Development Ltd. In view of the above facts, I am satisfied that the books of accounts and documents belonging to the assessee company have been found and seized during the course of search under section 132(1) of the Income Tax Act, 1961 carried out at 9, KG Marg, New Delhi the residence of Sh. Ravinder Kumar Taneja and office premises of various TDI group of companies. In the light of the above, I am satisfied that the above case is a fit case for issuing notice under section 153C of the Income Tax Act, 1961 as the seized documents mentioned above belong to Brightways Housing and Land Development Ltd. being a person other than a person in whose case the search has been initiated. (Gagan Sood) DCIT,CC-18, New Delhi" 6.1. From the above it is evident that pages 19 to 23 of Annexure A7 was the document which was found at the time of search of Taneja-Puri group and which was considered as b....
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.... 72195284 10. Seized page 24 further shows cash payment of Rs. 74,75,500/- in respect of units G-10, G-10, G-25 and G-38-39. These amounts are not included in page no. 19 to 23 and therefore are in addition to the tabulated 'Misc.' amount of Rs. 7,21,95,284." 6.3. Thereafter he discussed the assessee's contention relating to those documents and disagreeing with the assessee's objection made the addition of Rs. 7,96,70,780/- in AY 2009-10. Thus, as per revenue, the incriminating document i.e. seized paper nos. 19 to 23 belonged to the assessee, relevant to AY 2009-10 and not relating to AY 2005-06 or AY 2006-07, which are the years under appeal before us. 6.4. In the case of Devi Dayal Petro Chemical Pvt. Ltd. (supra), the Tribunal held as under: "9.1. It was contended by the learned counsel that the documents mentioned by the Assessing Officer in the satisfaction note i.e. documents at pages 1 to 25 of Annexure A- 5 are only the counterfoil of the cheque book which is duly accounted for in the books of account. He had also contended that the counterfoil belonged to the year 2008-09 and, therefore, the proceedings under Section 153C could not ha....
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....onged. There would be no justification for continuation of the proceedings under Section 153C to which the seized documents do not belong. Therefore, the Assessing Officer will drop the proceedings initiated under Section 153 of the years to which the seized documents do not belong. For the year to which the seized documents belonged, he will verify whether the transaction reflected by the seized documents are duly accounted for in the books of account. If the transactions are duly accounted for in the books of account, as contended by the learned counsel, the Assessing Officer will drop the proceedings initiated under Section 153C. However, if for the year to which the seized documents belonged, the transaction reflected by the seized documents is not recorded in the books of account, the proceedings under Section 153C will continue and the Assessing Officer will make the assessment afresh in accordance with law. Since we have set aside all the years under appeal, the Revenue's appeals on merits do not require any adjudication and they are also deemed to be allowed for statistical purposes. The Assessing Officer will proceed to make the assessment afresh only in the year where....