TaxTMI 
TaxTMI 
2021 (8) TMI 808
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....) of the Income Tax Act, 1961 (here-in-after referred to as "the Act"). The assessee has filed the Cross Objection in the Revenue's appeals bearing IT(SS)A no. 164/AHD/2019 for the Assessment Year 2009-2010. 2. The Revenue has raised the following grounds of appeal: 1. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in law and on facts in not appreciating the provisions of Section 153A of the l.T. Act, 1961 which requires the total income to be brought under tax without any restrictions. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in law and on facts in holding that such assessment or re-assessment U/S.153A of the l.T. Act, 1961 is to be restricted to ....
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....l estate projects including Society organizers and Scheme organizer. 4.1 There was a search and seizure operation under section 132 of the Act dated 4th December 2014 in the case of Barter group/accommodation entry provider group. During the course of search an excel sheet was found containing the details of cash receipt and payment for the period from 2 April 2010 to 26 August 2010. From this sheet, it was established that the cash has been deposited in the bank account of the assessee. 4.2 Based on above, the AO sought an explanation from the assessee about the source of deposit of cash for Rs. 1,18,34,000/- in the year under consideration in the proceedings initiated under section 153C of the Act. The assessee explained the source of c....
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....ed cash credit u/s.69of the Act Rs. 1,18,34,000/-.lt was submitted that during the course of search proceedings, no incriminating material as regards to cash deposits and withdrawals during the year under consideration was found and seized The MS Excel sheet which the A.O is referring to in the entire assessment order is pertaining to a limited period falling under AY.2011-12, hence making it amply clear that there was no incriminating material for the year under consideration. Hence, the addition made by the AO in respect of cash deposits during the year u/s. 68 while framing assessment order u/s.143(3) r.w.s.153C of the Act in absence of any incriminating material found and seized during the course of search proceedings is not justified. ....
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....y incriminating material in respect of addition made by the AO for unsecured loan received during the year under consideration from the aforesaid five parties and therefore, the addition made by the AO in respect of loan received during the year u/s 68 of the Act while framing the assessment order u/s. 143(3} r.w.s. 153A(1)(b) is unjustified and bad in law. The appellant relied upon the decision of Hon'ble jurisdictional Gujarat High Court in the case of Pr. CIT-4 vs. Saumya Construction Pvt. Ltd [2017] 387 ITR 529, other High Courts and Hon'ble Ahmedabad Tribunal as well as other Tribunals in its written submission filed during the course of appeal hearing. From the perusal of the assessment order, it reveals the fact that the AO h....
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....er section 132 of the Act but belongs to the other persons. Accordingly, the AO of the other person other than the searched person may initiate the proceedings under section 153C of the Act subject to the conditions specified therein. Among other conditions, one of the condition for initiating the proceedings under section 153C of the Act is that the documents found from the premises of the searched person but belonging to the other person, must have the bearing on the total income of the other person. 10.1 In the case on hand, we find that an excel sheet was found as a result of search containing the details of cash receipt and payment for the period from 2 April 2010 to 26 August 2010. The dates mention in the excel sheet in itself sugge....
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.... is obliged to issue notice to such person to furnish returns of income for the six years preceding the assessment year relevant to the previous year in which the search is conducted or requisition is made, any addition or disallowance can be made only on the basis of material collected during the search or requisition. In case no incriminating material is found, as held by the Rajasthan High Court in the case of Jai Steel (India) (supra), the earlier assessment would have to be reiterated. In case where pending assessments have abated, the Assessing Officer can pass assessment orders for each of the six years determining the total income of the assessee which would include income declared in the returns, if any, furnished by the assessee a....