2016 (10) TMI 1022

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.... Revenue has challenged the judgment of the Income Tax Appellate Tribunal ('the Tribunal for short) dated 12.02.2016 raising following question for our consideration: "Whether the Income Tax Appellate Tribunal has substantially erred in law and on facts, in deleting the addition, made u/s 2(22)(e) on a ground that no incriminating material were recovered during search proceedings?" 2. The i....

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....fferent High Courts have taken a view in this respect, we notice that such an issue came up before this Court in case of Pr. Commissioner of Income Tax4 v. Saumya Construction Pvt. Ltd. The Division Bench of this Court held the issue in favour of the assessee by making following observations: "16. Section 153A bears the heading Assessment in case of search or requisition. It is well settled as he....

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....ome. Thus, while in view of the mandate of subsection (1) of section 153A of the Act, in every case where there is a search or requisition, the Assessing Officer is obliged to issue notice to such person to furnish returns of income for the six years preceding the assessment year relevant to the previous year in which the search is conducted or requisition is made, any addition or disallowance can....

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....rder which the Assessing Officer could have passed under section 147 of the Act as well as under section 153A of the Act. 17. In the facts of the present case, a search came to be conducted on 07.10.2009 and the notice was issued to the assessee under section 153A of the Act for assessment year 2006-07 on 04.08.2010. In response to the notice, the assessee filed return of income on 18.11.2010. I....