TaxTMI 
TaxTMI 
2020 (10) TMI 1203
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....ection 144C and 153A of the Act, and 143(3) read with section 153A of the Act, for assessment years 2009-10 and 2008-9 respectively. Brief facts of the case are as under: 2. Assessee is an infrastructure company engaged in the business of handling engineering procurement construction solutions in infrastructure sector, corporate support services to various infrastructure special purpose vehicles, infrastructure development, financing, investment with banks, investment in shares and securities in its subsidiaries whether incorporated in India or abroad, investment and mutual funds, rendering managerial services etc assessee was deriving its income by way of contract revenue, management service fees, interest, profit on disposal of shar....
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....Dharam pal Satya pal Ltd in ITA No. 3877- 3881/del/2016 and ITA No. 3310, 3717-3719, 3737/del/2016 for assessment year 2005-06 to 2009-10 vide order dated 17/05/2018Decision of Supreme Court dismissing SLP in the case of Kurele Paper Mills P Ltd * PR.CIT VS Kurele Paper Mills (P) Ltd (81 taxmann.com 82) (Delhi High Court) * ACIT vs Cornerstone Properties Pvt Ltd in ITA CO Nos. 1714 to 1717/Bang/2013 and Cornerstone Properties Pvt Ltd vs ACIT in C.O.Nos.62 to 65/Ban g12014 (in ITA Nos. 1714 to 1717/Bang/2013) dated September 8, 2017 (Bangalore Tribunal) * The Rajasthan High Court in the case of Jai Steel (India' v. ACIT 1(259 CTR 281) (Rai.)] * The Hon'ble High Court of Karnataka, in the case of Ca....
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....ng material for the assessment years under consideration was found during course of search or not and that the additions made are based on such incriminating materials that was unearthed during the course of search. 12. Both sides replied that Ld. CIT (A) has not given a finding on this aspect, though it was raised for the years under consideration in Ground No. 3 for assessment year 2009-10 and Ground No.I for assessment year 2008-09. 13. On perusal of the orders passed by authorities below, we note that they have proceeded on the footing that, undisclosed income or incriminating material is not a precondition for issue of notice under section 153A. Ld.CIT.DR as well as the authorities below have placed reliance on decision of Hon'bl....
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.... CIT vs Sinhagd Technical Education Society reported in 397 ITR 344 held that, incriminating material had to pertain to assessment year for making addition in a concluded assessment. 16. Under such circumstances, without there being a clear finding in respect of their being incriminating material/unaccounted money unearthed during the course of search, validity of assessment order passed under section 153A cannot be ascertained. Hence we feel it proper to remand the issue back to Ld.CIT(A) for fresh consideration on this aspect about validity of invocation of section 153A in the light of decision of Hon'ble Supreme Court in case of CIT vs Sinhagd Technical Education Society (supra). In the event assessee succeeds on this aspect then noth....