2018 (4) TMI 1777

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....red to as 'the Act' for short] for the assessment year 2011-12. 2. The assessee raised the following grounds of appeal: 3. Briefly facts of the case are that the assessee is a partnership firm. There was a search and seizure action in the case of one company viz. M/s.ILC Industries, during the course of which the department seized certain documents stated to be belonging to the assessee-firm. Based on these documents, it was stated that one Mr.Somashekar had given a statement that income of Rs. 25 lakhs would be declared in the hands of the assessee-firm. It is pertinent to state here that Shri Somashekar was not a partner in the assessee-firm. However, admittedly, the firm is related concern of Shri Somashekar. Based on the s....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ee offered undisclosed income in the return of income filed in response to notice u/s 142. On mere perusal of the provisions of section 271AAA, it is clear that the provisions of section 271AAA can be invoked only in case where search has been initiated u/s 132 and undisclosed income is found as a result of such action. In the present case, return of income was filed in response to notice u/s 142. There is no material on record suggesting that search has been initiated in the assessee's case. It is stated that search was initiated in the case of M/s. ILC Industries during the course of which certain documents stated to be belonging to the assessee were seized. There was no notice issued u/s 153A against the assessee. From the perusal of the....