2014 (1) TMI 1806

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.... the filing of the present appeal by the Revenue and Cross Objection by the assessee are that the assessee field return of income on 24.7.2008 declaring an income of Rs. 43,81,494 including short term capital gains of Rs. 42,92,200. The Assessing Officer computed the capital gains at Rs. 4,47,87,200 and assessed the total income at Rs. 4,49,22,535, vide order of assessment dated 30.12.2011 passed under S.143(3) read with S.147 of the Act. 3. On appeal before the CIT(A), the assessee originally raised grounds contesting the additions made by the Assessing Officer to the short term capital gains disclosed by the assessee. However, subsequently, the assessee raised additional grounds which are legal in nature, contending that initiation of ....

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....mation received from the Central Range-1, Hyderabad upon search operations carried on in the premises of M/s. Janapriya Engineers Syndicate P. Ltd., which formed the basis for initiation of the proceedings under S.147 of the Act. It is settled position of law that in all matters, emanating from search action that proceedings have to be initiated under S.153C of the Act, and not under S.147 of the Act. It is worthwhile to refer to mention that the provisions of S.153C of the Act begin with a non-obstente clause, viz. 'Notwithstanding anything contained in section 139, section 147, section 148, section 149, section 151 and section 153, where the Assessing Officer is satisfied that any money.....'. A non-obstante clause overwrites the provisio....