TaxTMI 
TaxTMI 
2021 (12) TMI 1394
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....o. Name of the Appellant Respondent A.Y. CIT(A) Order under challenge date and case No. Proceedings under section 20 to 25/Hyd/2021 M/s. GVK Enterprises, Hyderabad. DCIT, Central Circle -3(4), Hyderabad 2010-11 to 2013- 14, 2015- 16 and 2017-18 CIT(A)-11, Hyderabad dt.11.09.2020 10143, 10147, 10117, 10120, 10133 and 10170 /2019-20 143(3) r.w.s 153C 45 to 49/Hyd/2021 ACIT, Central Circle -3(4), Hyderabad M/s. Sri Krishna Constructions, Hyderabad. PAN : ABBFS8556K 2010-11 to 2012- 13, 2015- 16 and 2017-18 -do- 10143, 10147, 10117, 10133 and 10170/ 2019-20 -do Heard both parties. Case files perused. 2. The captioned appeals filed by the assessee are found to be barred by 23 days....
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....14 CIT Vs. Kesarwani Zarda Bhandar and CIT Vs. Raj Kumar Arora (2014) 367 ITR 517 (Allahabad) that it is nowhere necessary to initiate and frame section 153A / 153C assessments only in case of incriminating material found / seized during the course of search. 6. We find no merit in the Revenue's instant argument since not only hon'ble apex court's recent decision in CIT Vs. Sinhghad Technical Educational Society (supra) but also various decisions of hon'ble high courts i.e. CIT vs. Kabul Chawla (2016) 360 ITR 573 (Del), CIT Vs. Salasar Stock Broking Limited (Calcutta high court) in G.A.No.1929 of 2016 dt.24.08.2016 and CIT Vs. Continental Warehousing Corporation (2015) 374 ITR 64 (Bom) to name a few, indeed support the assessee's case th....
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.... its IDBI bank account in the computation corresponding to the alleged returns filed in the year 2016. We find no substances in the instant last argument as well since a perusal of the corresponding account documents indicate that the same had been opened only on 05.08.2016 and therefore, it could not be treated as an undisclosed bank account in assessment years 2010-11 to 2016-17 to say the least. So far as the last A.Y. 2017-18 is concerned, it is made clear that the relevant proceedings therein are in the search year itself only. We therefore decline the Revenue's foregoing arguments in light of all the relevant facts and circumstances forming part of record before us. Revenue's five appeals i.e. ITA 45 to 49/Hyd/2021 seeking to reverse ....
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....satisfaction for issue of notice u/s. 153C is to be examined. 6.1 The relevant portion of satisfaction note, recorded by the AO of the person referred in Sec. 153A and that of AO for issuing notice u/s. 153C is as under: (Satisfaction of AO of person referred to in sec. 153A). 5. Specific details of the seized material on the basis of which action under sec. 153 is proposed: i) A/JKD/Res/01 Books) Cheque ii) iii) A/JKD/Res/04(pen drive) A/JKD/Res/05 (copies of bank (f) Annexure/S.No.Page Number etc (Particulars to be specified) account statements and other loose sheets) ii) iii) 7. Satisfaction of the AO of the person referred to in sec. 153A that the seized material re....
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....rprises, pendrives, copies of contents in pendrives and loos sheets were found and seized annexure (i) A/JKD/Res/01 (Cheque books) ii) A/JKD/Res/04(pen drive) A/JKD/Res/05(Sheet no.14-23) which contains the information/details of fixed deposits and other debits and credits of the assessee firm M/s GVK Enterprises. iii) 4.0 On perusal and further examination, it is found that assessee from M/s. GVK Enterprises has fixed deposits maintained at State Bank of Hyd, valued more than Rs.50,00,000 during a.y-2010-11. Further, from the evidences available, it is seen that assessee firm M/s. GVK Enterprises has made cash deposit of Rs.3,09,94,100/- in its bank account in A.Y-2010-11. And from the records it is s....
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....produced before me by the AO. It is seen that the same contains the current cheque books issued by the banks to the 6 different account holders. The assessee M/s. GVK Enterprises is one of them. On examination of the contents it is seen that all the cheques are blank cheques and the details contained in the record slip pertain to cheques issued from 19.11.2016 to 30.03.2017. The appellant has filed return for 2010-11 on 19.12.2017 and for A.Y-2015-16 on and the bank account is disclosed in the books of account/balance sheet in the Return of Income. The above material can not be termed as incriminating seized material' pertaining to A.Y-2010-11. 05.08.2016 6.3.1 The Annexure A/JKD/Res/04 contains working c....