TaxTMI 
TaxTMI 
2018 (3) TMI 1178
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....32(1) of the Act on 23-9-2009, it transpires that the additions were not made on the basis of any material seized during the course of search especially when no assessment was pending on the date of search. The additions being unwarranted be quashed. 2) On the facts and circumstances of the case and in law that considering the Ground No.1 above the Assessing Officer should have closed the assessments without making assessment for the assessment year under appeal, when no incriminating material was found and seized. The Ld. CIT(A) should not have confirmed the assessment made by the A.O. 3) On the facts and circumstances of the case and in law and as far as Ground No.1 & 2 above are concerned the reliance is placed on the ITAT judgments in the case of the Parivar Properties (P) Ltd. v. Dy. CIT (2014) 41 Taxmann.com 485 (Del-Trib) and Atul Barot v. Dy. CIT, ITAT Mumbai reported as (2014) 57 (II) ITCL 311 (Mum 'A'Trib). 4) On the facts and circumstances of the case and in law and considering the Ground No.1 to 3 above the following grounds emerge for consideration:- 4.1 Whether on the facts and circumstances of the case and in law the search and seizure action conduced....
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....lock assessment as provided in Ss. 153A to 153C the authority before ordering the extreme step of search action u/s 132 was required to be satisfied about the existence of reasons for eventuality catalogued in Cl. (c) of sub-section (1) of S. 132 since under the CL (c) it is mandatorily required to be specified that any person is in possession of any money, bullion, jewellery or other valuable article or thing and such money bullion, jewellery or other valuable article or thing represents either wholly or partly income or property which has not been or would not be disclosed for the purposes of assessment under the Act? If this condition is not satisfied the search action will become invalid and the consequent assessments framed would also be bad in law and without jurisdiction? A stiffer burden lies on the authorizing authority to justify the grounds of his belief under Cl. (c) and Hon'ble Tribunal is bound to examine whether the authority has discharged such burden? 4.6 Whether on the facts and circumstances of the case and in law the search action conducted against the present appellant-assessee was simply based on 'satisfaction Note' prepared by the authority is ....
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....doned and the appeal be admitted for hearing in accordance with the provisions of law. 10) On the facts and circumstances of the case and in law the levy of interest u/s 234A, 234B and 234C is not justified. 4. All the appeals were filed after delay of seven days, for which the assessee has pointed out that there was calculation error in number of days and also because of ending days being Saturday and Sunday. The assessee has filed an affidavit in this regard. In view of the above contention of assessee, we find merit in the aforesaid and condone the delay of seven days in filing appeal late before the Tribunal. We proceed to decide the issue after hearing both the learned Authorized Representatives. 5. Briefly, in the facts of the case, the assessee is an individual engaged in the business of construction of civil contract works, developers & builders, trading in shares & scripts. The assessee for each of the years had furnished return of income within due date of filing return of income. Thereafter, search operations and Survey operation under section 132/133A were carried out at the premises of assessee on 23.09.2009. Consequent thereto, the assessee was issued notice und....
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....e in each of the years had filed the return of income within prescribed period and time for taking up for scrutiny had also lapsed before the date of search on the assessee. Survey proceedings had taken place on 23.09.2009. The assessee in response to notice issued under section 153A of the Act, made certain fresh claims in the returns of income filed. The Assessing Officer while completing proceedings under section 153A r.w.s. 143(3) of the Act made certain additions on account of agricultural income, deemed dividend under section 2(22)(e) of the Act, cash in hand and adhoc addition out of expenses and interest payment to Ravi Cooperative Bank. The new claim of assessee in the returns of income on account of depreciation on Motor Car in assessment years 2004-05 and 2005-06 and loss on trading of shares in assessment year 2006-07 was rejected by the Assessing Officer. 10. The issue which arises is in respect of respective additions made and the rejection of new claim of deduction in the returns of income filed under section 153A of the Act in respect of assessment years for which assessment proceedings have not abated. 11. We find that the issue of abated and non-abated assessmen....
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....nt year 2005-06, grounds of appeal No.1 and 3 in assessment year 2006-07, ground of appeal No.1 in assessment years 2007-08 and 2008-09 are dismissed." 12. The issue arising before us is identical to the issue before the Tribunal in Shri Gajendra D. Pawar Vs. DCIT (supra) and following the same parity of reasoning, we hold that the assessee is not entitled to make any fresh claim of deduction on following counts:- Sr. No. Particulars 2004-05 2005-06 2006-07 1 Depreciation on Motor Car 2,25,000/- (new claim) 1,80,488/- (new claim) - 2 Loss suffered in trading of shares - - 47,95,057/- (new claim) 13. Now, coming to the addition made by the Assessing Officer on account of various issues in the assessment years which are non-abated assessment years. We find this issue was also elaborately considered by the Tribunal in Shri Gajendra D. Pawar Vs. DCIT (supra) and it was held as under:- "16. We have heard the rival contentions and perused the record. The second issue which is arising in the bunch of appeals is against the disallowance of interest expenditure on account of interest free advances made by the assessee from year to year. Admittedly, in none of the cases....