2021 (7) TMI 236

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....n law and on facts in confirming the action of Ld. AO in assuming jurisdiction u/s 153A and further erred in passing the impugned assessment order. 2. That in any case and in any view of the matter, action of Ld. CIT(A) in confirming the action of Ld. AO in assuming jurisdiction and framing the impugned assessment order u/s 153A, is bad in law and against the facts and circumstances of the case and the same is not sustainable on various legal and factual grounds. 3. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in making addition of Rs. 1,50,00,000/- on account of unsecured loan received from M/s Cindy Goods & Supply (P) Ltd. by tr....

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....n, notices u/s 143(2) & 142(1) were also issued and the A.O. completed the assessment by making addition of Rs. 1,50,00,000/- on account of unexplained unsecured loans having received from one entity namely, M/s Cindy Goods & Supply Pvt. Ltd. The total amount received was Rs. 3,50,00,000/- out of which the AO made addition of Rs. 1,50,00,000/- on the grounds that the assessee could prove the sources of Rs. 2,00,00,000/- from M/s Nimbus Multi Commodity Brokers Ltd. 4. Before the ld. CIT (A), the assessee took a plea that the addition has been made devoid of any incriminating material during the search which is an essential requirement for assessment u/s 153A. The ld. CIT (A) held that a number of judgments have passed by various courts co....

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.... Pr. CIT Vs. Kurele Paper Mills [2016] 380 ITR 571 (Delhi). 8. The date of search in the present case was on 26.08.2015 and the assessment for the assessment year 2012-13 has been completed u/s 143(3) and the amount received from M/s Cindy Goods & Supply Pvt. Ltd. of Rs. 3,50,00,000/-, thus the assessment in question has to be treated as a completed assessment not as an assessment kept in abeyance which necessitates the requirement of incriminating material to make any addition u/s 153A. Further, we also find from the record that the addition made by the revenue in the case of Nimbus India Ltd. pertaining to the amount received from M/s Cindy Goods & Supply Pvt. Ltd. has been deleted vide order dated 10.02.2020 by the Co-ordinate Bench o....