2021 (10) TMI 1137

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....s. AO has noted that in the case of the assessee, the residential as well as office premises of Krrish Group of cases was subject to search and seizure operations on 09.11.2011 and during the course of search various incriminating papers were found and seized from the office premises as well as the residential premises of the directors. Consequently, notice dated 14.08.2013 u/s. 153A(1)(a) of the Act was issued and served on the assessee. In response to the aforesaid notice assessee vide letter dated 11.09.2013 furnished return of income declaring income of Rs. 74,02,040/-. Thereafter case was taken up for scrutiny and consequently assessment was framed u/s. 153A(1)(b) of the Act vide order dated 27.02.2014 and the total income was determin....

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....s: (i) Whether on the facts and in the circumstances of the case the Ld. CIT(A) was right in concluding that there was a difference in scope of proceedings under section 153A of the Income Tax Act, 1961 for an abated assessment and for a completed assessment. (ii) Whether on the facts and in the circumstances of the case the Ld. CIT(A) was right in holding that no addition can be made u/s. 153A in respect of completed assessment if no incriminating material is found during search. (iii) Whether there is any restriction on the power of the Assessing officer under section 153A of the Income Tax Act, 1961 to confine only to the "incriminating material found during the search, even though such words or conditions are not mentioned in the ....

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....hether on the facts and in the circumstance of the case the Ld. CIT(A) has erred in not deciding the issue of addition of Rs. 7,65,00,000/- as unexplained share application/share application money u/s. 68 of the Income Tax Act. 1961 on merits. (viii) Whether on the facts and in the circumstances of the case the Ld. CIT(A) has failed to appreciate that the information collected during the enquiries conducted by the Investigation Wing/Assessing officer and statement recorded of Sh. Kashi Prasad Chotia pointing towards the finding that the assessee company has received the said share application/premium through accommodation entries constituted incriminating material which could have been utilized for making the addition of Rs. 7,65,00,000/-....