2022 (9) TMI 476

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....here was a search on 15.10.2013. For the impugned assessment year, income-tax return was filed on 11.01.2012 and the same was processed u/s 143(1) of the Act on 13.02.2012, hence assessment was completed before the search. In the assessment after the search u/s 153A, AO made certain additions, one of them was addition u/s 68 of Rs.12,00,000/-. In the assessment order, AO had made the addition by noting that bank statement was found during the search which showed that assessee has received Rs.12,00,000/- and when the assessee was asked to provide the source thereof, satisfactory explanation was not received, hence the addition was made by the AO. Assessee made preliminary objections before the ld. CIT (A) relying upon the decision of Hon'ble....

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....ubmitted that assessee has not been able to prove the veracity of the lender as the said person was not found at the stated address. She further doubted that said bank account was duly disclosed by the assessee or not in the return earlier filed. 7. We have heard both the parties and perused the record. Upon careful consideration, we find that it is undisputed that the assessment was completed before the date of search. Nowhere it was the case of the authorities below that the said bank was not earlier disclosed. In these circumstances, by referring to the bank statement of said bank which was already disclosed, additions made cannot be said to be based upon incriminating material found during the search. As a matter of fact, ld. CIT (A) h....