2021 (2) TMI 1186

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....a, Adv. O R D E R [VIA VIDEO CONFERENCING] 1. The present appeal under Section 260A is directed against the order dated 5th September, 2019 passed by Income Tax Appellate Tribunal, in ITA No. 4263/Del/2016 dated 05.09.2019 for the Assessment Year 2008-09 whereby the appeal of the Revenue has been dismissed. 2. Briefly stated, the assesse is a company engaged in trading of equity shares, sec....

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....d, companies registered with NSE, MCX, and NCDEX and United Stock Exchange. A Special Auditor was appointed u/s 142(2A) and directed to file a report on the aspect of Client Code Modifications done by the afore-noted companies as well the assessee company. On the basis of the Auditor Report and the response of the assessee, the AO concluded that in the case of member (broker) group companies of th....

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....reassessment proceedings were pending on 30.03.2012 when search action took place and hence no assessment was abated. The addition made by the AO is not based on any incriminating document/seized material found during the course of search and seizure action u/s 132 of the Act and accordingly the same were deleted. In further appeal preferred by the Revenue before the ITAT, the findings of the CIT(....

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....ing material by recording the details of the panchnama.   5. We have perused the record. Both the CIT(A) as well as the ITAT have held in the instant case that the addition is not based on any incriminating material found during the course of search and the assessment was not pending on the date of search. The observations of the assessing officer relied upon by Mr. Sharma do not give us any....