2016 (8) TMI 22

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....up and the assessee was also covered by the action. She filed her Return of Income, declaring total income at Rs. NIL. Earlier, she had filed the Return u/s. 139(1)of the Act, on 29. 09. 2008 and the AO had çompleted the assessment u/s. 143(3), determining her income at Rs. NIL. 2. 1. During the assessment proceedings, completed u/s. 143(3) r. w. s. 153 of the Act the AO held that the assessee was engaged in letting out flats for license fee under Leave and License Agreement, that the license fee received was compsite, no bifurcation was given for rent charged for the building and that charged for furniture and fixture. He held that the income received by her should be assessed as 'business income'. He further observed that the pr....

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.... Hon'ble Karnataka High Court). She also referred to the case of Murli Agro Products (ITA No. 36 of 2009 dt. 29. 10. 2010) delivered by the Hon'ble Bombay High Court and held that assessment completed before the date of search and that are attaining finality could be disturbed only if material is gathered in the course of proceedings u/s. 153A of the Act, that unearthing of new facts was sine qua no for disturbing the completed assessment, that in the case under consideration no material was seized during search proceedings. Finally, she allowed the appeal of the assessee. 5. During the course of hearing before us, the Departmental Representative (DR) stated that the matter could be decided on merits. The Authorised Representative (A....