2022 (12) TMI 202

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....f income on 30.09.2015 declaring total income of Rs.6,61,44,100/-. A search & seizure operation u/s 132 of the Act was carried out in the assessees' group of cases on 18.02.2016. In response to the notice u/s 153A, the assessee filed revised return of income on 7.9.2016 declaring income of Rs.13,58,60,960/-. Subsequently the Assessing Officer issued statutory notices u/s 143(2) and 142(1) of the I.T. Act, 1961. The Authorised Representative of the assessee appeared from time to time and filed the requisite details. The Assessing Officer completed the assessment u/s 143(3) r.w.s. 153A of the I.T. Act determining the total income at Rs.20,78,40,695/- by making various additions. 3. Before the learned CIT (A), the assessee apart from cha....

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.... iii) Hon'ble Delhi High Court in the case of CIT Vs. Best Infrastructure (India) (P) Ltd. reported in 397 ITR 82. iv) A) Decision of the Hon'ble Delhi High Court in the case of CIT Vs. Harjeev Aggarwal reported in 290 CTR 263. v) M/S M.L. Singhi & Associates (P) Ltd. Versus Deputy Commissioner of 5) Income Tax, Central Circle-7, New Delhi in ITA No. 3335/Del/2017, ITA No. 3336/Del/2017 and ITA No. 3337/Del/2017 [2018 (10) TMI 50 ITAT, Delhi. 6.2) In the case of Moon Beverages Ltd & Hindustan Aqua Ltd. Vs. ACIT, Central Circle 15, New Delhi in in ITA No. ITA No.7374/Del/2017 And ITA No.7567/Del/2017, it was held that: "Since the addition made by the Assessing Officer is not based....

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....losed business income and Undisclosed Capital Gains on the basis of incriminating evidence available in the seized material. 3. The Ld. CIT(A) erred in ignoring the fact that the assessee filed the Return in response to notice u/s. Rs.2,20,76,780/- and undisclosed capital gains of Rs.5,19,70,000/- admitted u/s. 132(4) during search operation. 153A disclosing the undisclosed business income of 4. The Ld. CIT(A) erred in ignoring the fact that the time limit for issuing notice u/s. 143(2) has not expired by the date of search and therefore the Assessing Officer is entitled to examine all the issues irrespective of the availability or otherwise of incriminating material. 5. The Ld. CIT(A) ought to have appreciated th....

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....ch simply held that no incriminating material was found during the course of search. Further, the learned CIT (A) held that the statement recorded u/s 132 (4) cannot be treated as seized/incriminating material for making addition u/s 153A. He submitted that when there were lot of material seized during the course of search, therefore, the learned CIT (A) without considering any of the seized material could not have passed the order. Further, he has not decided the issue on merit. Therefore, he has no objection, if the matter is set aside to the file of the learned CIT (A) with a direction to adjudicate the issue afresh by considering the seized material and give his findings. 6. The learned Counsel for the assessee, on the other hand, wh....