TaxTMI 
TaxTMI 
2019 (2) TMI 416
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....360 of 2018, Rs. 16,40,64,897/- for assessment year 2008-09 in ITA No.359 of 2018 and tax was computed on the book profit of Rs. 125,72,44,353/- in all the appeals. 2. A search was conducted under Section 132 of Income Tax Act on the premises of the assessee. A notice under Section 153A of the Act was issued and served on the assessee to file the return of income for the above assessment years. In response to the notices, the assessee requested that the original return filed by the assessee may be treated as the return of income filed in response to the notice. Thereafter, notices under Section 143(2) and 142 were issued and served on the assessee. 3. Aggrieved by the same, an appeal was preferred before the Commissioner of Income ....
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....ng of incriminating material during the course of search which goes to the basic question of assumption of jurisdiction under Section 153A of the Act"? 4. Heard the learned counsel for the appellant and perused the material on record. 5. Learned counsel for the Revenue contends that the Tribunal has committed an error in relying on the judgment in Lancy's case. He contends that the Hon'ble Court in the case of CANARA HOUSING DEVELOPMENT COMPANY V/s. DCIT reported in 274 CTR 122 (KARNATAKA) has laid down the law with regard to the same. We have considered the said judgment. At para-10 of the said Order, it is narrated as follows: "Para 10 - ..... The condition precedent for application of Section 153A is there should be a search un....
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.... only when a question arises for consideration, is contested by both sides and thereafter findings are recorded by the Court. None of these conditions have been fulfilled. There is no notice issued to the other side. No question of law has been determined. The appeal was dismissed, as being bereft of any substantial question of law. Therefore, the judgment reported in Lancy's case cannot be said to be applicable in law or that it is binding for any reason whatsoever. The reliance placed by the Tribunal on the judgment in Lancy's case is misplaced. The judgment in Lancy's case does not render the true position in law. It cannot be considered as a precedent. 8. Under these circumstances, when the Tribunal has relied on the judgment i....