2020 (10) TMI 186

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....489/ACCC-13/11-12 & CIT(A)-37/I.T. 504 to 508/ACCC-13/11-12 even date 27.06.2012. The Assessments were framed by the Asst. Commissioner of Income Tax, Circle 13, Mumbai (in short ACIT/ITO/ AO) for AYs 2003-04, 2004-05 vide dated 16.12.2011, under section 143(3) read with section 153A of the Income-tax Act, 1961 (hereinafter 'the Act'). 2. At the outset, the learned Counsel for the assessee stated that he is pressing only ground No. 4.1 to 4.3 and 5 and not pressing the rest of the grounds. On this, the learned CIT Departmental Representative Shri V. Sreekar has not raised any objection. 3. First of all it is stated by the learned counsel that identical issue of jurisdiction is therein in all the three appeals and issue is arising out ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....0.01.2007, consequent to this search, certain materials were found and additions were made which were subject matter challenged before but not challenged by assessee rather these grounds are withdrawal as noted above. 6. The only issue before us remains is of unexplained gifts received by assessee and addition made by Assessing Officer of Rs. 15,59,555/-, whereas CIT(A) confirmed the addition of Rs. 14,09,555/- after allowing relief of Rs. 1.5 lacs. 7. Before us the learned Counsel for the assessee stated that assessee has shown this gift of Rs. 15,59,555/- in his computation of income filed along with return of income for Assessment Year 2003-04 filed originally on 30.09.2003. Subsequently in response to notice under section 153A of ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... addition of gifts made by AO when no incriminating materials was found during the course of search is not sustainable. The AO is directed to delete the same. Since we have already decided the legal issues in favour of the assessee, we are not going into merit of the addition made on account of gifts" 8. When this was pointed out to the learned CIT Departmental Representative Shri V. Sreekar, he could not controvert the above argument made by the leaned Counsel for the assessee nor could produce or made a statement that any incriminating material is available in the record of the Assessing Officer. Therefore, once there is no incriminating material, the issue is squarely covered in favour of assessee and against Revenue by the decision o....