2021 (12) TMI 1194

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....ience, these appeals were heard together and are being disposed off, by this consolidated order. 2. The assessee has more or less filed common grounds of appeal for all assessment years, therefore, for the sake of brevity, grounds of appeal filed for the assessment year 2011- 12 are reproduced as under:- "1. The learned CIT(A) is not justified in sustaining the disallowance of interest expenditure amounting to Rs. 9,07,513/- made by the Assessing Officer. 2. The above disallowance has been made by the AO not on the basis of any incriminating materials found in the course of search. It has been judicially settled by number of judgments delivered by various High Courts, the assumption of jurisdiction u/s 153A, requirement....

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....sessment year 2013-14 & 2014-15. 4. Being aggrieved by assessment order, the assessee preferred an appeal before learned CIT(A). Before learned CIT(A), the assessee has challenged additions made by the Assessing Officer towards disallowance of interest u/s.37 and assessment of income from other sources u/s.68 r.w.s 115BBE of the Act on the ground that additions made by the Assessing Officer is not supported by any incriminating materials found during course of search. The learned CIT(A), after considering relevant submissions of the assessee and also by following certain judicial precedents, including decision of the Hon'ble Kerala High Court in the case of E.N. Gopalkumar Vs. CIT (2016) 390 ITR 131 (Ker) rejected legal ground taken by t....

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....CIT(A) submitted that the learned CIT(A) has brought out various facts in light of certain judicial precedents to reject legal ground taken by the assessee challenging validity of assessment framed u/s.153A of the Act and thus, there is no merit in arguments taken by the learned AR for the assessee that in absence of incriminating material, no addition could be made to completed assessment u/s.153A of the Income Tax Act, 1961. 7. We have heard both the parties, perused material available on record and gone through orders of the authorities below. Admittedly, during course of search no incriminating material was found with respect to additions made by the Assessing Officer towards disallowance of interest expenses u/s.37 of the Income Tax....

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.... / completed as on date of search, because assessments either completed u/s.143(1) / 143(3) of the Act and further statutory time limit for issue of notice u/s.143(2) has been expired on 30.09.2015 i.e., much before date of search on 27.12.2016. Therefore, in our considered view, assessments for assessment years 2011-12 to 2014-15 are unabated / completed. Further, no reference of any incriminating material found as result of search in respect of additions made by the Assessing Officer towards disallowance of interest u/s.37 of the Act and for assessment of income from other sources u/s.68 r.w.s 115BBE of the Income Tax Act, 1961. In absence of any incriminating material found as result of search, completed / unabated assessments cannot be ....