2018 (8) TMI 1896

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....ome-tax Act, 1961 (hereinafter referred to as the "Act") does not empower the AO to reassess income of the completed assessment without any seized material or asset. In order to appreciate the facts clearly the chart made for the aforesaid assessment year is reproduced below: Asstt. Year Date of filing original return Time limit for issuance of notice u/s. 143(2) Date of Search Whether Assessment is pending on date of search (1) (2) (3) (4) (5) 2012-13 27.09.2012 30.09.2013 07.11.2013 Not pending 3. From a perusal of the above chart we note that return of income for this AY 2012-13 was filed by the assessee on 27.09.2012. We note that the time limit for issuing of notice u/s. 14....

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....evious to the relevant AY in which the search takes place. The AO has the power to assess and reassess the 'total income' of the aforementioned six years in separate will be only one assessment order in respect of each of the six AYs "in which both the disclosed and the undisclosed income would be brought to tax". iv. Although Section 153 A does not say that additions should be strictly made on the basis of evidence found in the course of the search, or other post-search material or information available with the AO which can be related to the evidence found, it does not mean that the assessment "can be arbitrary or made without any relevance or nexus with the seized material. Obviously an assessment has to be made under this Secti....

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....iture, which was held disclosed, for one reason or the other, but such disallowances made by the AO were upheld by the LD.CIT(A) but the Ld. Tribunal deleted these disallowance. We find no infirmity in the aforesaid Act of the Ld. Tribunal. The appeal is, therefore, dismissed". 5. In the light of the aforesaid ratio laid by the Hon'ble High Courts, wherein, the Hon'ble High Court held that in the absence of any incriminating materials, the completed assessment can be re-iterated and in the case before us from a perusal of the aforesaid chart, it is clear that on the date of search i.e. on 07.11.2013, assessments pertaining to A.Y. 2012- 13 was not pending before the AO because the last date for issuance of Section 143(2) notice for s....