2018 (3) TMI 83

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.... Income Tax Act is illegal and bad in law. 2. That on the facts and circumstances of the case and the provision of law the Ld CIT Appeal has failed to appreciate that the assessment framed is against the statutory provisions of the act and without complying the procedures prescribed under section 153C of the Income Tax Act. 3. That the Ld.CIT(A) has failed to appreciate that impugned assessment order passed by the Learned Assessing Officer is against the principles of natural justice and has been passed without affording reasonable opportunity of being heard. 4. That on the facts and circumstances of the case and the provisions of law the Ld.CIT(A) has erred in upholding an addition of Rs. 10,00,000/- u/s 69B of I....

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....presumption that the same belonged to the assessee is bad in law. The Ld. AR submits that the MoU seized cannot be said to 'belong to' the assessee and being unsigned MoU, no proceedings u/s 153C of the Act can be initiated against the assessee. The Ld. AR further submits that there is no satisfaction recorded as Assessing Officer of the searched person. In the present case from the extract of satisfaction note it will be observed that this was recorded as Assessing Officer of the third party i.e. Assessee. The date of the recording of satisfaction is also absent. The Ld. AR relied upon the Hon'ble Delhi High Court decision in case of CIT vs. Renu Constructions Pvt. Ltd. (ITA No.499/2011dated 06.09.2017). 6. The Ld. DR relied upon the or....

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....d party i.e. the assessee. As per the provisions u/s 153C where the Assessing Officer is satisfied that any money, bullion, jewellery or other valuable article on thing or books of account or documents seized or requisitioned belongs to a person other than the person referred to in Section 153A, then the books of account or documents or assets requisitioned shall be handed over to the Assessing Officer who shall proceed against such other person and issue such person notice and assess or reassess income of such other person in accordance with the provisions of Section 153A. The said MoU does not bear the signature of the assessee. Thus, finding of document in the premises of Amrapali Group does not constitute that the document to be belongi....