TaxTMI 
TaxTMI 
2019 (4) TMI 1527
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.... Appellant, ACIT, Central Circle 13, New Delhi (hereinafter referred to as the 'Revenue') by filing the present appeals sought to set aside the impugned orders all dated 05.06.2015 passed by the Commissioner of Income-tax (Appeals)- 25, New Delhi, qua the assessment years 2007-08, 2007-08 & 2008-09 on the identical grounds, except the difference in addition, inter alia that :- "l. The Ld. CIT(A) has erred in law as well as on facts of the case in deleting the addition (Rs.4,53,40,000/- in ITA No.5223/Del/2015, Rs. 5,00,00,000/- in ITA No.5224/Del/2015 & Rs. 4,25,00,000/- in ITA No.5225/Del/2015) made by the AO on account of unexplained cash credit u/s 68 of the IT Act, 1961. 2. The Ld. CIT(A) has erred in law as well as on facts in dele....
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....iven by them and thereby assessed the total income at Rs. 5,02,72,140/-. 3. Assessee carried the matter by way of appeals before the ld. CIT (A) who has partly allowed the same. Feeling aggrieved, the Revenue has come up before the Tribunal by way of filing the present appeals. 4. We have heard the ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and orders passed by the revenue authorities below in the light of the facts and circumstances of the case. 5. Assessee by filing applications under Rule 27 of the Incometax Appellate Tribunal Rules, 1963 (for short 'the Rules') in all the aforesaid appeals sought to raise legal ground as under :- "That the learned Commissioner of Income Tax (....
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....he Tribunal in case of ITO vs. Gurinder Kaur 102 ITD 189 (Del) decided the issue in controversy after discussing the decision rendered by the Hon'ble Deli High Court as well as Hon'ble Supreme Court, in favour of the assessee by holding that, "it is open to the Respondent in an appeal before the Tribunal to raise new grounds in defence of the order appealed against under Rule 27 of the Rules." 8. Hon'ble Allahabad High Court in case of CIT vs. Jindal Polyester Ltd. 397 ITR 282 (All.) held that, "the assessee can advance arguments before the Tribunal even though it had not filed cross objections against the findings, in accordance with Rule 27 of the Rules." 9. Keeping in view the settled principles of law that the Respondents/assessees ar....
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....t in its paid up share capital, the share premium of the assessee company increased by Rs. 4,50,00,000/- from Rs. 15,99,39,000/- to Rs. 20,49,39,000/-. Inquiries were conducted with the fresh shareholders of the assessee company by issuing notices u/s 133(6) and verifying their response with details submitted by the AIR of the assessee. From the perusal of the above para of the assessment order it is established beyond doubt that the Assessing officer was satisfied about the genuineness of the share capital allotted by the assessee and as such no action have been taken by the Assessing officer while passing the order u/s 1471143(3) of the Income Tax Act. As such the addition made by the Assessing officer in respect of share capital while ....
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....f the law explained in the aforementioned decisions, the legal position that emerges is as under: i. Once a search takes place under Section 132 of the Act, notice under Section 153 A (1) will have to be mandatorily issued to the person searched requiring him to file returns for six AYs immediately preceding the previous year relevant to the AY in which the search takes place. ii. Assessments and reassessments pending on the date of the search shall abate. The total income for such AYs will have to be computed by the AOs as a fresh exercise. iii. The AO will exercise normal assessment powers in respect of the six years previous to the relevant AY in which the search takes place. The AO has the power to assess and reassess the 'tot....
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....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 incriminating material was unearthed during the search, no additions could have been made to the income already assessed." 14. So, in view of the law laid down by Hon'ble jurisdictional High Court in Kabul Chawla (supra), we are of the considered view that when no incriminating material has come on ....