2022 (1) TMI 426

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....assessees are preferred against the separate orders of the Commissioner of Income Tax [Appeals] - 27, New Delhi dated 12.07.2018 pertaining to Assessment Year 2010-11. Since the appeals and cross objections were heard together and the underlying facts in issues are identical, all these are being disposed off by this common order for the sake of convenience and brevity. 2. The representatives of both the sides agreed that the underlying facts in issues in the captioned appeals and cross objections were identical. Therefore, on such concession, we heard both the representatives on the facts of ITA No. 6176/DEL/2018 and CO No. 213/DEL/2018. 3. Briefly stated, the facts of the case are that search & seizure and survey operations u/s 132/1....

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.... 2 VIKRAM FINANCIAL SERVICES LTD  STEPHEN HOUSE, 1ST FLOOR, ROOM NO.03,4, B.B.D BAG EAST, KOLKATA-700001 12,500 12,5000 2,375,000 3 VIKRAM FINANCIAL SERVICES LTD  STEPHEN HOUSE, 1ST FLOOR, ROOM NO.03,4, B.B.D BAG EAST, KOLKATA-700001 5,000 5,0000 950,000 4 VIKRAM FINANCIAL SERVICES LTD  STEPHEN HOUSE, 1ST FLOOR, ROOM NO.03,4, B.B.D BAG EAST, KOLKATA-700001 12,500 12,5000 2,375,000 5 VIKRAM FINANCIAL SERVICES LTD  STEPHEN HOUSE, 1ST FLOOR, ROOM NO.03,4, B.B.D BAG EAST, KOLKATA-700001 7,500 7,5000 1,425,000 6 BADAL COMMOTRADE PRIVATE LIMITED 18 A, RAMKANTA BOSE STREET, KOLKATA, WEST BANGAL-700003 10,000 10,0000 1,900,000 7 CONTSHIP....

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....ET, KOLKATA-72 40,000 40,0000 7,600,000 21 JAY AAR COMMERCIAL PRIVATE LIMITED 10-A, HOSPITAL STREET, KOLKATA-72 25,000 25,0000 4,750,000 22 LECTODRYER MARKETING PRIVATE 3, DISMBER JAIN TEMPLE ROAD,2ND FLOOR, KOLKATA-7 20,000 20,0000 3,800,000 23 CAPLIN DELCOMM PRIVATE LIMITED 9/12 LAL BAZAR ST. MERCANTILE BUILDING, BLOCK- C, KOLKATA- 700001 20,000 20,0000 3,800,000 24 PABLA LEASING 85 FINANCE PRIVATE 9/12 LAL BAZAR ST. MERCANTILE BUILDING, BLOCK- C, KOLKATA- 700001 20,000 20,0000 3,800,000 25 BALASARLA HOLDING PRIVATE LIMITED 3, DISMBER JAIN TEMPLE ROAD,2ND FLOOR, KOLKATA-7 25,000 25,0000 4,750,000 26 MILLENNIUM INNOVATIONS HMP HOUSE,....

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.... 9. The assessee carried the matter before the ld. CIT(A) and vehemently contended that as the search was conducted on 08.07.2015, the Assessment Year under consideration, can be framed u/s 153A of the Act only when some incriminating material is found for the year under consideration. 10. After considering the facts on record and after considering the seized material, the ld. CIT(A) was convinced that the assessment order framed u/s 153A of the Act is devoid of any incriminating evidence found and drawing support from the decision of the Hon'ble Jurisdictional High Court of Delhi in the case of Kabul Chawla 380 ITR 573, the ld. CIT(A) directed the Assessing Officer to delete the impugned addition. 11. Before us, the ld. DR vehem....