2022 (2) TMI 701

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....10.03.2017 passed by the Assessing Officer (AO) u/s.153A r.w.s. 143(3) of the Income Tax Act, 1961 (the Act) concerning AY 2014-15. The assessee has also filed Cross Objection. 2. The grounds of appeal raised by the Revenue read as under: 1. The order of the Ld.CIT(A) is not correct in law and facts. 2. On the facts and circumstances of the case, the Id.CIT(A) has erred in deleting the addition of Rs. 2,53,96,020/- (EUROs 300,000 received from Sh. Shashi Singh in Account No.193232-006-000-978) made by the Assessing Officer on account of undisclosed income. 3. On the facts and circumstances of the case, the Id.CIT(A) has erred in deleting the addition of Rs. 63,97,000/- (US$ 100,000 received from M/s Orient Link....

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....the appellant craves leaves to add, alter, amend, and forego any of the grounds of appeal at the time of hearing. 4. Briefly stated, search and seizure operation was conducted on Jaiswal Group of cases under Section 132 of the Act on 06.05.2014. A warrant of authorization for search was also issued in the name of the assessee (Ms. Nagina Judge) for her Locker No.7325 at The Delhi Safe Deposit Co. Ltd., Connaught Place, New Delhi. Pursuant thereto, a notice dated 03.05.2016 u/s.153A was issued to the assessee. In response to the notice under Section 153A, the assessee filed return of income declaring total income at Rs. 5,65,120/-. The assessment of the return was carried out by the Assessing Officer wherein the addition of Rs. 3,17,93,02....

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....ct of three lockers including the joint locker in question are vitiated and illegal. The warrant of authorization against the petitioner, i.e., sister of the assessee holding the joint locker was eventually quashed and set aside. Consequently, the proceedings under Section 153A of the Act was also set aside and quashed by the Hon'ble Delhi High Court. It was thus pointed out that when search warrant issued in respect of the joint locker was found to be lacking in any legal basis, the conclusion drawn in the case of the sister applies mutatis mutandis to the case of the assessee being holder of the locker in question jointly along with sister. Ld. counsel thus pointed out that apart from merits of the case as concluded by the ld. CIT(A) in i....

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.... 10. We have carefully considered the rival submissions and perused the orders of the authorities below. As pointed out on behalf of the assessee, the assessment under Section 153A was completed in the instant case on the basis of joint locker held by the assessee jointly with her sister Shah-E-Naaz Judge. It is the contention of the assessee that no incriminating material was found or seized during the course of search relating to the issue of deposits in the foreign bank account of the appellant resulting in the impugned addition of Rs. 3,17,93,020/-. 10.1 Without going into the merits of the case, we straightaway find that the search warrant issued on the locker so jointly held and consequential proceedings under Section 153A was fo....