2015 (10) TMI 1761

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....on: "A) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in deleting the addition of Rs. 93,72,310/- made by the Assessing Officer and confirmed by the CIT(A) being gifts received from family members which could not be proved to be genuine by the Assessee, by holding that only income related to incriminating documents found during the search u/s 132 could be assessed u/s 153A of the Act even though the provisions of Section 153Amandate that the Assessing Officer assess or reassess the Total Income of the Assessee searched u/s 132 of the Act? B) Whether on the facts and in the circumstance of the case and in law, the Tribunal was justified in deleting the addition made by the Assessing Offi....

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....s shareholders. However, so far as the addition in respect of the unexplained gifts aggregating to Rs. 93.70 lakhs is concerned, the CIT(A) did not disturb the finding of the Assessing Officer. 5. On further appeal before the Tribunal, the assessee interalia challenged the validity of the assessment made under Section 153A of the Act. This on account of the fact that no assesment in respect of the six assessment years were pending so as to have abated. The impugned order accepted the aforesaid submission of the respondent-assessee by interalia placing reliance upon the decision of the Special Bench of the Tribunal in AlCargo Global Logistics Ltd. rendered on 6 July 2012. The Tribunal in the impugned order further held that no incriminating....