AI Drafter 
TaxTMI 
TaxTMI 
2022 (5) TMI 1101
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.... Delhi. 2. The grounds of appeal are as under:- 1. That the learned Commissioner of Income Tax (Appeals) has grossly erred both in law and on facts in upholding the order of assessment framed under section 153A/143(3) of the Income Tax Act, determining the total income of the appellant company at Rs. 5,75,25,440/- as against Rs. 1,48,20,440/-. 2. That the learned Commissioner of Income Tax (Appeals) has erred both in law and on facts in failing to appreciate that during the course of search, admittedly no incriminating material was found as a result of search conducted under sectionJ32(l) of the Act, as such, learned Deputy Commissioner of Income Tax has no jurisdiction to initiate the proceedings under section 153A of ....
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.... f. Assessment u/s 153 A cannot be made merely on change of opinion. 4. That the learned Commissioner of Income Tax (Appeals) has grossly erred in law as well as on facts in making additions of Rs. 3,00,00,000/- on account of sale of shares to Kimsuk Krishna Sinha u/s 69 of the Act because: a. The investment was fully explained and the same was held to be genuine in the earlier assessment made u/s 153A/143(3) and no addition was made. b. No fresh material or any evidence found to conclude different stand. c. Section 69 cannot be applied on the investments already recorded in the books of accounts. d. The assessee is not required to explain source of the source. e. The assessing officer h....
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....5325/Del/2013 and C.O No. 01/Del/2015 respectively. The Coordinate Bench of this Tribunal has quashed the original assessment order dated 24/12/2019 vide order dated 06/10/2015. 4. The impugned assessment order dated 28/03/2013 has been passed u/s 153A/143(3) of the Act by making addition of Rs. 4,15,00,000/- after giving appeal effect to the CIT(A) order against the original assessment. As against the assessment order dated 28/03/2013, the assessee has filed appeal before the CIT(A). The Ld.CIT(A) vide order dated 18/03/2015 dismissed the appeal filed by the assessee. 5. Aggrieved by the order dated 18/03/2015, the assessee is before the Tribunal on the grounds mentioned above. 6. The Ld. Counsel for the assessee submitted that th....
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....the above facts, it is clear that second assessments order passed u/s 153A dated 28/03/2013 is made not based on any incriminating material found during the search, hence the decision of the Delhi High Court in case of CIT vs. Kabul Chawla, 380 ITR 573 (Del.) is squarely applicable, wherein it is held as under: "Summary of the legal position" 37. On a conspectus of Section 153A(1) of the Act, read with the provisos thereto, and in the light of the law explained in the aforementioned decisions, the legal position that emerges is as under: i. Once a search takes place under Section 132 of the Act, notice under Section 153 A (1) will have to be mandatorily issued to the person searched requiring him to file returns f....
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..../Del/2015 pending on the date of search) and the word 'reassess' to completed assessment proceedings. vi. Insofar as pending assessments are concerned, the jurisdiction to make the original assessment and the assessment under Section 153A merges into one. Only one assessment shall be made separately for each AY on the basis of the findings of the search and any other material existing or brought on the record of the AO. vii. Completed assessments can be interfered with by the AO while making the assessment under Section 153 A only on the basis of some incriminating material unearthed during the course of search or requisition of documents or undisclosed income or property discovered in the course of search which we....