TaxTMI 
TaxTMI 
2021 (7) TMI 1198
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.... on the grounds inter alia that : "1. The order of Ld. CIT(A) is not correct in law and facts. 2. On the facts and circumstances of the case, the Ld. CIT(A) has erred in law in deleting the addition of Rs. 9,78,54,242/- made by the Assessing Officer on account of gain on sale of investment. 3. The appellant craves, leave to add, amend any/ all grounds of appeal before or during the course of hearing of the appeal." 2. Briefly stated the facts necessary for adjudication of the controversy at hand are : On the basis of search and seizure operations conducted on 03.10.2013 u/s 132 of the Act in Jakson Group of companies, statement of assessee was recorded and consequently proceedings u/s 153A were initiated. In response to the notice is....
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.... "incriminating material" was found against the assessee. It is also not in dispute that during the course of search proceedings statement of assessee was recorded on oath. It is also not in dispute that order passed by Ld. CIT(A) in case of Smt. Sameer Gupta and Bhawana Gupta has been upheld by the coordinate bench of Tribunal as well as by the Hon'ble Delhi High Court. 6. Ld. DR for the revenue in order to challenge the impugned order passed by Ld. CIT(A) relied upon the order passed by the AO. However on the other hand Ld. AR for the assessee supported the order passed by Ld. CIT(A) and further contended that the order followed by CIT(A) passed in case of Smt. Sameer Gupta and Smt. Bhawana Gupta has already been confirmed by Tribunal in....
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....upta for AYs 2011-12 & 2012-13 (supra) considered at paras-4.5 to 4.5.4 therein. During the appellate proceedings the appellant was asked to submit a detailed statement in excel sheet of the date-wise purchase and sale of these shares alongwith the rate of purchase and sale as also the payment details with copy of the bank statement. The same have been submitted with WS for AY 2011-12 at pages-139-140 and pages-176-179 for AY 2012-13 of the respected PBs filed with WS on 23.11.2016 which are enclosed as Annx.1 and Annx. 2 to this order. On perusal of these details it is observed that the shares of the two companies were purchased at the same rate at one go while these have been sold on different dates at varying rates, that of SVEL @ Rs. 19....
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....ation, the entire addition has been made by the AO is on the basis of post search inquiry. There is not an iota of material nor any such ground raised by the revenue if "any incriminating material" was found and the entire case is based upon the sole statement of Sandeep Gupta, the Ld. CIT(A) has rightly decided the issue in favour of the assessee by following decision rendered by Hon'ble Delhi High Court in case of CIT vs. Kabul Chawala cited as 21 taxmann.com 412. Otherwise all the transaction relating to capital gain arisen during the year under consideration have already been recorded in the books of accounts. So, in these circumstances in the absence of any incriminating material found in the course of search in the case of completed....
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....ate as to whether the CIT(A) has erred in deleting the addition made by the AO in absence of any incriminating material. 25. We find the Id. CIT(A) while deleting the addition has relied on various decisions including the decision of the Hon'ble Jurisidictional High Court in the case of CIT vs. Kabul Chawala reported in 21 taxman.com 412 (234 taxman 300). Finding of the CIT(A) on this issue has already been reproduced in the presiding paragraphs. So far as the reliance by the Ld. DR in the case of Smt. Dayawanti vs. CIT (supra) is concerned, we find the facts of that case are completely different from that of the facts of the present case. In that case the son of the assessee had categorically admitted that there were unaccounted pu....
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....ence of any incriminating material found during the course of search. 27. We further find the revenue has not challenged the vital legal ground on which the Ld. CIT(A) has deleted the addition. Since the Hon'ble Jurisdictional High Court has clearly held that addition in order passed u/s 143(3)/ 153A cannot be made In absence of any incriminating material and since in the instant case, there is no evidence whatsoever on record that any incriminating material was found during the course of search and since the addition was made on the basis of certain inquiries conducted subsequent to the search on the basis of return already filed, therefore, on this issue itself addition has to be deleted. We, therefore, uphold the order of the CIT....