2017 (6) TMI 585

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....urns of income, returned incomes and dates of assessment etc. can be summarised as under: AY. ROI filed on Returned income Assessment Date Assessed income 2007-08 27.10.2007   36,65,970/-     29/03/2014 73,37,860/- 04.03.2013 36,65,970/- 2008-09 30.09.2008     84,85,680/-   29.03.2014 1,31,67,390/- 04.03.2013 80,40,730/-   2. The brief facts of the case are that Rohan group of entities along with directors, family members and related parties were subject to search and seizure operations u/s. 132 of the Act on 26/05/2011, that the assessees was also associated with the said group. Subsequent to the search a notice u/s. 153A was issued to the assessee on 11/01/2013. It filed....

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....aken to relates the projects of the assessee. After considering the submission of the assessee and taking note of the cash and jewellery found at the office premises, the AO made an addition of Rs. 36. 71 lakhs under the head on money received during the year under consideration. 3. Aggrieved by the order of the AO, the assessee preferred an appeal before the First Appellate Authority(FAA). Before her, the assessee challenged the validity of the order passed u/s. 153A of the Act and relied upon certain case laws. After considering the elaborate submissions of the assessee, the FAA held that original return u/s. 139 of the Act on 2/7/2007, that search was carried out in the case of Rohan group on 26/05/2011, that the time limit for issue o....

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....ment was not based on any incriminating material pertaining to the assessee seized during the search, that the addition made on account of on money was not emanating from the material found and seized during the search action. Finally, she deleted the addition made by the AO. 4. During the course of hearing before us, the Departmental Representative stated that the employees of the assessee had accepted the fact that on money at the rate of 30% of the registered value was accepted by the company. As stated earlier, none appeared on behalf of the assessee. 5. We have perused the available material. We find that the FAA has given a categorical finding of fact that no incriminating material was found during the search and seizure operation t....