TaxTMI 
TaxTMI 
2016 (9) TMI 745
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....he CIT(A) erred in law and on facts of the case in holding that the original assessment cannot be disturbed as there was no incriminating material found during search. 3. That the CIT(A) erred in law and on facts of the case deleting the addition of Rs. 46,24,000/- made by AO on account of unexplained investment in share application money u/s. 68 of the I.T. Act, 1961. 4.(a) The order of the CIT(A) is erroneous and not tenable in law and on facts. (b) The appellant craves leaves to add, alter or amend any / all of the grounds of appeal or during the course of hearing of the appeal. 2. All the grounds of appeal are related to the addition of Rs. 46,24,000/- made by AO on account of unexplained investment in shar....
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....e share application money. Aggrieved with the order of the Assessing Officer, assessee preferred an appeal before the Ld. CIT(A) and submitted that the jurisdiction assumed by the Ld. AO u/s 153 is not as per law. Ld. CIT(A) allowed the appeal by holding the additions made by the Ld. AO to be beyond the scope of provisions of Section 153A of the Act. Against the order of the Ld. CIT(A), Revenue is in appeal before the Tribunal. 3. Notice of hearing was sent to assessee. However, at the time of hearing, the assessee was not represented by any authorized representative. We have heard the Ld. DR and also perused the material on record. The Ld. DR supported the order of Ld. AO. However on perusal of the order of Ld. CIT(A), we find that Ld. ....
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....teel (India) vs. ACIT (2013) 259 CTR 281 has held that where nothing incriminating is found during search, though Section 153A would be triggered and assessment / reassessment to ascertain the total income would be required to be done, the same should not result into any addition. Ld. CIT(A) held that addition made by the AO to be erroneous as they were beyond the scope of Section 153A and in view of that, he directed the addition to be deleted. 3.2 Thus, we find that learned CIT(Appeals) has given a specific finding of fact that no incriminating material was found or seized during the course of search and seizure operation u/s. 132 of the Act in the case of the assessee; as far as addition of Rs. 46,24,000/- u/s 68 of I.T. Act is concer....
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....ssess the 'total income' of the aforementioned six years in separate assessment orders for each of the six years. In other words there will be only one assessment order in respect of each of the six AYs "in which both the disclosed and the undisclosed income would be brought to tax". iv. Although Section 153 A does not say that additions should be strictly made on the basis of evidence found in the course of the search, or other post-search material or information available with the AO which can be related to the evidence found, it does not mean that the assessment "can be arbitrary or made without any relevance or nexus with the seized material. Obviously an ITA Nos. 707, 709 and 713 of 2014 of assessment has to be made un....