TaxTMI 
TaxTMI 
2021 (8) TMI 638
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....e by the Assessing Officer on account of gain on sale of investment is the subject matter before us. 3. The Ld. CIT(A) has passed the impugned order quashing the reassessment order relying upon the order passed in the case of the brother of the assessee Sh. Sameer Gupta which was confirmed by the Ld. Tribunal in appeal preferred by the Revenue in ITA No. 514 & 515/Delhi/2017 for AYs 2011-12 and 2012-13 respectively. In fact the Revenue has also filed an appeal in assessee's family relative case of Late Smt. Bhawna Gupta through the legal heir Sh. Sameer Gupta, being ITA No. 516/Del/2017, wherein the Hon'ble Tribunal relying upon the judgment passed by the Hon'ble Jurisdictional High Court in the case of CIT Vs. Kabul Chawla, reported in ....
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....any incriminating material found in the course of search in the case of completed assessments no addition can be made u/s 153A read with section 143(3). 9. Coordinate bench of Tribunal while deciding case of Sameer Gupta, son of assessee arisen out of same search proceedings and key person of M/s. Jakson Group decided the identical issue in favour of the assessee by returning following findings : ""24. We have considered the rival arguments made hy both the sides, perused the orders of the AO and the CIT(A) and the paper book filed on behalf of the assessee. We have also considered the various decisions cited before us. We find the assessee in the instant case has filed his original return of income on 30th March, 2012 dec....
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.... In that case the son of the assessee had categorically admitted that there were unaccounted purchase and sale of various items in Supari from different parties. He had also admitted that certain purchases are unaccounted and accordingly he had surrendered certain income. However, in the present case there is no unaccounted transaction found during the course of search. The capital gain that arose from the sale of shares are already recorded in the books of accounts and no incriminating material whatsoever was found during the course of search . Therefore, the said decision in our opinion is not applicable to the facts of the present case. 26. It has come to our notice subsequent to the hearing that the Hon'ble Delhi H....
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....lready filed, therefore, on this issue itself addition has to be deleted. We, therefore, uphold the order of the CIT(A) and dismiss the ground raised by the revenue." 10. Revenue has challenged the order passed by the Tribunal in case of Sameer Gupta before Hon'ble Delhi High Court but their appeal has been dismissed by Hon'ble High Court by returning following findings :- "In this case the search took place in the premises on 03.10.2013. A notice under Section 153A was issued to the assessee which reaffirmed its earlier returns. The Assessing Officer completed the Section 153A assessment by adding amounts under Section 60A to the tune of Rs. 5,62,61,726/- for AY 2011-12. The CIT (A) and the ITAT concurrently granted relie....