TaxTMI 
TaxTMI 
2017 (11) TMI 1769
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....TA No. 1917/Bang/2016 are as under. "Ground 1: Order passed under section 143(3) r.w.s. 153A is liable to be quashed 1. On the facts and circumstances of the case and in law, the learned CIT(A) has erred in holding that in case a notice under section 153A is issued the Assessing Officer is bound to assess and reassess the total income of the Appellant. 2. The Joint Commissioner of Income-tax, Circle-2(3), Hyderabad has completed the assessment of the Appellant vide order dated July 31, 2008 passed under section 143(3) and in the course of such assessment proceedings full scrutiny and examination was made. A search and seizure operation under section 132 was conducted on October 11, 2012 and during the course of search no incriminating documents or undisclosed income was found. 3. The CIT(A) has erred in not considering that having regard to the second proviso to section 153A, the completed assessment cannot be disturbed except only in the case where there is any undisclosed income found in the course of search or any incriminating documents pointing towards such undisclosed income is found in the course of search or in the course of assessment pr....
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....d Retention Account (TRA) agreement dated March 21, 2001 at the instance of lenders to ensure that a certain minimum amount of liquidity is maintained for the purposes of meeting various obligation of the company. Till the time the actual payments are made the Project Company is allowed under the TRA Agreement, to park these funds in certain permitted categories of investments. 3. The Appellant therefore prays that the Assessing Officer be directed to treat the interest income on deposits with banks as per TRA Agreement as derived from the business of power generation and accordingly eligible deduction u/s.80IA on the same. Ground 5: The Appellant craves leave to add, alter and/or amend all or any of the foregoing grounds of appeal." 4. The grounds raised by the revenue in this Year in ITA No. 1987/Bang/2016 are as under. "1. Whether CIT(A) was right in holding the Margin Money Deposits with banks for bank guarantee & income from Foreign Exchange Gain not treating as the Income from Other Sources." 5. The grounds raised by the assessee in Assessment Year 2008-09 in ITA No. 1918/Bang/2016 are as under. "Ground 1: Adjustment towards ....
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....e Assessing Officer be directed to delete the disallowance of Rs. 3,03,27,000/-made under section 14A read with Rule 8D(2)(iii). Ground 3: Computation of Book Profit under section 115JB 1. The learned CIT(A) failed to appreciate and ought to have held that for the purpose of computation of Book Profit under section 115JB, the actual amount incurred for earning exempted income having regard to books of account is to be considered and not the amount worked out based on formula prescribed in Rule 8D(2)(iii). 2. The Appellant therefore prays that the Assessing Officer be directed to consider the amount for add back to the amount of net profit as is being incurred to earn exempted income having regard to the books of account. Ground 4: The Appellant craves leave to add, alter and/or amend all or any of the foregoing grounds of appeal." 6. The assessee has raised some additional grounds also in this year which read as under. "Order passed under section 143(3) r.w.s. 153A and 144C is liable to be quashed 1. On the facts and circumstances of the case and in law, the learned CIT(A) has erred in holding that in case a notice u....
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....Cornerstone Properties Pvt. Ltd. in ITA Nos. 1714 to 1717/Bang/2013 and C.O. Nos. 62 to 65/Bang/2014 dated 08.09.2017 and pointed out that in this case, the Tribunal has considered both these judgments of Hon'ble Karnataka High Court and it was held by Tribunal in this case that in respect of this issue as to whether the invocation of section 153A is valid or not in a case where no incriminating material was found, the judgment of Hon'ble Karnataka High Court rendered in the case of CIT Vs. Lancy Constructions (supra) is to be followed and the earlier judgment rendered in the case of Canara Housing Development company Vs. DCIT (supra) is not relevant for deciding this issue. At this juncture, this was observed by the bench that in order to decide the issue in dispute by following this judgment of Hon'ble Karnataka High Court, it has to be seen as to whether any incriminating material was found in the course of search or not and therefore, the bench wanted to know as to whether the copy of panchanama etc. has been made available by the assessee before the Tribunal in the paper book and whether there is any finding of authorities below on this aspect. In reply, it was sub....