TaxTMI 
TaxTMI 
2015 (7) TMI 281
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....he order of CIT(A) dated 15.01.2013 for AY 2007-08 wherein the following grounds have been raised :- 1. That the ld. CIT(A) has erred in law and on facts in deleting the addition of Rs. 14,06,000/- made u/s 69A as unexplained cash deposit despite the fact that the assessee had failed to discharge its onus to explain the nature and source of cash deposits. 2. That the ld. CIT(A) has erred in law and on facts in deleting the addition of Rs. 33,94,973/- made u/s 69 as unexplained investment in shares despite the fact that the assessee had failed to discharge its onus to explain the nature and source of investment in shares. On the fact and in the circumstances of the case and in law, the ld. CIT(A) ought to have upheld the order of th....
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....terest is chargeable. He ought to have deleted the same. 4) In law and on the facts and circumstances of the appellant's case, the ld. CIT(A) has grossly erred in rejecting Ground No.7 of the appellant's appeal before him challenging the initiation of penalty proceedings u/s 271(1)(c) of the Act. He ought to have appreciated, inter alia, that in the peculiar facts and circumstances of the appellant's case, there was no basis, warrant or justification for initiating the penalty proceedings u/s 271(1)(c) of the Act, he ought to have directed the learned Assessing Officer to drop the same. 5) The appellant craves leave to add, alter, amend and/or withdraw any ground or grounds of cross objections either before or during the course of hea....
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....153A r.w.s. 153C & 143(3). 4.2 At the outset, the ld. counsel for the assessee submitted that in the facts and circumstances of the case the order of the Assessing Officer passed under section 153C should be quashed. The ld. AR in support of his contention placed reliance on the decision of Hon'ble Madhya Pradesh High Court in the case of Rajesh Rajora vs. Union of India (2013) 40 taxmann.com 330 (Madhya Pradesh) wherein the assessee was subjected to proceedings u/s 153 r.w.s. 153A of the Act consequent to search carried out at the premises of Shri Rajesh Rajora at Bhopal on 30.05.2008. He placed on record a copy of the decision. In said case Shri Rajesh Rajora challenged the validity of search and seizure proceedings before the Hon'ble ....
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....erson about 9 months before -Whether, since section 132 does not confer any arbitrary authority upon revenue officers, they must have in consequence of information, reason to believe that statutory conditions for exercise of power to order search existed - Held, yes- Whether, where entire basis of recording satisfaction in assessee's case was a document found during search conducted in premises of another person, which neither bore assessee's name nor indicated that it was related to assessee, warrant of authorization was issued merely on hypothecated grounds, and therefore, issuance of warrant of authorization and subsequent search and seizure proceedings were liable to be quashed -Held, yes (Para 15) (in favour of assessee)." 4.4 In vi....
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....n law, the ld. CIT(A) ought to have upheld the order of the Assessing Officer to the extent mentioned above since the assessee has failed to disclose his true income/book profit. The appellant prays that the order of the ld. CIT(A) on the above grounds be set aside and that of the Assessing Officer be restored to the above extent. The appellant craves, to leave, to amend or alter any ground or add a new ground which may be necessary. 7. In C.O. No.143/Ahd/2013 for A.Y. 2005-06, assessee has raised following grounds :- 1) In law and in the facts and circumstances of the appellant's case, the ld. CIT(A) has grossly erred in rejecting the grounds no.1 & 2 with regard to validity of the assessment framed u/s 153Ar.w.s. 153C & 143(3) on....
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....er before or during the course of hearing of the same. 8. Similar issue arose in wife's case in appeal and Cross Objection. Facts being similar, so following same reasoning, we quash the impugned assessment proceedings and the first ground of the Cross Objection is allowed. Since the assessment proceedings are quashed, the grounds raised in the appeal of Revenue goes academic and infructuous and same are dismissed. Same is fact of other grounds of Cross Objection. Regarding submission of ld. AR for direction for alternate remedy in this case, we hold that in the facts and circumstances, Revenue is at liberty to take action as per law after providing due opportunity of hearing to assessee. 8.1 Similar issue arose in ITA No. 139/Ahd/201....