2023 (4) TMI 947

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....were heard together and are disposed of by this common order for the sake of convenience and brevity. 3. The common challenge is the assumption of jurisdiction u/s.263 of the Act by the Pr. CIT. The assessee contends that the Pr. CIT has wrongly assumed the jurisdiction u/s. 263 of the Act and has grossly erred in holding that the impugned assessment orders are erroneous and prejudicial to the interest of the revenue. 4. We have heard the rival contentions on the facts of ITA No.891/Del/2021 for A.Y.2008-09. 5. Briefly stated the facts of the case are that a search and seizure and survey operations u/s.132/133A of the Act were conducted on 15.02.2014 in the case of assessee alongwith the other cases of the AMQ group at various resi....

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....High Court, in cases where incriminating material had been found during the search, that entire assessment would be open and the AO would be entitled to consider not only the material found during the search but also any other material emanating from any other source. The decision in the case of Dayawanti(supra) was subsequently distinguished by the Court in some decisions on the basis of the observation in that case that the assessee in that case was "habitually concealing income or indulging in clandestine operations". Even that qualification is satisfied in this case because, as per the information available on record, the assessee in question has been doing that year after year. He is believed to be beneficial owner of undisclosed forei....

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....as loan within the deeming provisions of section 2(22)(e) of the Act. It is the say of the Counsel that the assumption of jurisdiction by Pr. CIT is bad in law. 11. Per contra the DR strongly supported the orders of the Pr. CIT and read the relevant operative part of the order. 12. We have given a thoughtful consideration to the orders of the authorities below. The assessment order dated 17.08.2017 was framed u/s. 153A r.w.s. 143(3) of the Act after thoroughly scrutinizing the seized documents. There is also no dispute that nothing incriminating was found to suggest the applicability of the provisions of section 2(22)(e) of the Act. Since no incriminating material was found in relation to the deeming provisions of section 2(22)(e) of ....