TaxTMI 
TaxTMI 
2017 (12) TMI 662
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....e case, the Ld. CIT(A) erred in deleting the addition of Rs. 3,27,60,00/- made u/s. 68 of the Income Tax Act, 1961 by the AO in respect of share application money introduced during the year. 3. Whether in the facts and circumstances of the case, the Ld. CIT(A) erred in deleting the addition of Rs. 19,67,163/- made u/s 68 of the I.T. Act by the AO in respect of unsecured loans. 4. The appellant craves leave to add, alter or amend any / all of the grounds of appeal before or during the course of hearing of appeal. 3. In other appeal of the Revenue, the grounds are identical, except the difference in the figures, hence, the grounds of other appeals are not reproduced for the sake of brevity. 4. The grounds raised by the Assessee in Cross Objection 274/Del/2011 in ITA No. 3171/Del/2011 (2001-2002) read as under:- 1. Whether the assessment framed under section 153A/ 143(3) of the Income Tax Act, 1961 is legal, when consequent upon action taken by the Department under section 132 of the Act on 21.3.2007 against the assessee was carried out and nothing incriminating was found, and revisiting the issues, which have been settled earlier, is permissible. ....
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....e is in appeal and assessee is in Cross Objection before the Tribunal. 7. At the threshold, Ld. Counsel of the assessee has stated that the Cross Objection filed by the assessee has involved the legal issue and therefore, the same may be first decided. Hence, we first deal with the Assessee's Cross Objection and adjudicate upon the legal issue. 8. Ld. Counsel of the assessee further draw our attention towards the impugned order as well as assessment order and stated that the issues in dispute relating to upholding the validity of the order of assessment passed u/s. 153C/143(3) of the I.T. Act, 1961 on 25.3.2011, is squarely covered in favor of the assessee by the decision dated 29.8.2017 of the Hon'ble Supreme Court of India in the case of Commissioner of Income Tax-III, Pune vs. Sinhgad Technical Educational Society reported in (2017) 84 taxmann.com 290 (SC) as well as the decisions of the Hon'ble Delhi High Court passed in the case Commissioner of Income Tax vs. Kabul Chawla reported (2016) 380 ITR 573 (Del.) and in the case of Principal Commissioner of Income Tax (Central) -2 vs. Index Securities (P) Ltd. wherein the Hon'ble High Court has held that if the additions are ma....
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....r appeal. We also find that the case laws cited by the Ld. CIT(DR) are not relevant to the present case. Therefore, in our considered opinion, the action of the AO is based upon conjectures and surmises and hence, the additions made is not sustainable in the eyes of law, because this issue in dispute is now no more res-integra, in view of the decision dated 29.08.2017 of the Hon'ble Supreme Court of India in the case of Commissioner of Income Tax-III, Pune vs. Sinhgad Technical Educational Society reported in (2017) 84 taxmann.com 290 (SC) as well as the decisions of the Hon'ble Delhi High Court passed in the case Commissioner of Income Tax vs. Kabul Chawla reported (2016) 380 ITR 573 (Del.) and in the case of Principal Commissioner of Income Tax (Central) -2 vs. Index Securities (P) Ltd. - The Hon'ble Supreme Court of India in the case of Commissioner of Income Tax-III, Pune vs. Sinhgad Technical Educational Society reported in (2017) 84 taxmann.com 290 (SC) has held as under (Heads Notes):- "Section 153C of the Income Tax Act, 1961 - Search and seizure - Assessment of income of any other person (Validity of notice) - Assessment years 2000-01 to 2003-04 - Whether....
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....iminating material, the completed assessment can be reiterated and the abated assessment or reassessment can be made. The word 'assess' in Section 153 A is relatable to abated proceedings (i.e. those pending on the date of search) and the word 'reassess' to completed assessment proceedings. vi. Insofar as pending assessments are concerned, the jurisdiction to make the original assessment and the assessment under Section 153A merges into one. Only one assessment shall be made separately for each AY on the basis of the findings of the search and any other material existing or brought on the record of the AO. vii. Completed assessments can be interfered with by the AO while making the assessment under Section 153 A only on the basis of some incriminating material unearthed during the course of search or requisition of documents or undisclosed income or property discovered in the course of search which were not produced or not already disclosed or made known in the course of original assessment. 38. The present appeals concern AYs, 2002-03, 2005- 06 and 2006-07.On the date of the search the said assessments already stood completed. Since no in....