2020 (1) TMI 1486

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....are similar and, therefore, we state the facts of the case for assessment year 2007-08. Assessee is a company who filed its return of income on 31.10.2007 adverting income of Rs. 38,46,98,410/- adverting income of Rs. 38,46,98,410/. Consequent the search on Arora Group on 18.01.2008 153A capital proceedings were initiated culminating into order under that section on 31.12.2009 determining the same income. 3. On 30.03.2012 search on Jaypee Group took place. This Group has key person by the name of Gaurav Arora and Saurav Arora. The Group is engaged in the business of trading of equity, commodity, derivatives of equity and forex. Notice u/s 153A was issued on 5.08.2013. Assessee filed return on 2.09.2013 declaring income of Rs. 38,46,98,410/....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s. Revenue aggrieved with that order has preferred appeal before us. 5. The learned Departmental Representative vehemently submitted that the CIT (Appeals) has erred in law and on facts by relying on the decision in the case of CIT Vs. Kabul Chawla (supra) by the jurisdictional High Court which is not being accepted by the Revenue and the Special Leave Petition against the same has been filed before the Hon'ble Supreme Court. He further stated that there is no requirement of showing any incriminating material with respect to even the non-abated assessments.   6. The learned Authorized Representative heavily relied upon the decision of the Hon'ble Delhi High Court in CIT Vs. Kabul Chawla (supra) and submitted that as the assessme....