2023 (4) TMI 987

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....by this common order for the sake of convenience and brevity. 3. The common grievance in both the appeals is that the CIT(A) erred in deleting the addition made on protective basis without appreciating that the assessment u/s. 10(3) of the Black Money Act has not yet attained finality and is under sub-judice. 4. Briefly stated the facts of the case are that a search and seizure operation u/s.132 of the Act was carried out on 07.04.2016. Accordingly statutory notices were issued and served upon the assessee. 5. During the course of the assessment proceedings certain information was available on website of International Consortium of Investigative Journalists (ICIJ) regarding Indians having undisclosed foreign companies and assets of....

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.... NIL NIL 2,43,11,824 2013-14 2012-13   NIL NIL 2,75,75,955 2014-15 2013-14   NIL NIL 7,37,94,690 Total   136331.88 9000 1500   8. Assessee was asked to furnish his explanation and his statement was also recorded u/s.131 of the Act which is extracted at para-2.6.1 of the assessment order. 9. Invoking the provisions of Black money (undisclosed foreign income and assets) and imposition of tax Act, 2015 the AO made the following observations:- "2.10 Proceeding under the Black Money (Undisclosed Foreign Income and Assets) and imposition of Tax Act 2015 ("BM Act") have also been initiated after examining the details/ materials including the information ....

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.... 6.5.1 In Ground No. 5, the appellant has contended that the Assistant Commissioner of Income Tax has erred both in law and on facts in making an addition of Rs. 2,43,11,824/- on protective basis representing alleged unexplained credits in the bank account of Everbez Business Inc. and brought to tax under section 68 of the Act read with section 115BBE of the Act. That the learned Assistant Commissioner of Income Tax has failed to appreciate that no sum credited in the bank account of M/s Everbez Business Inc. could be alleged unexplained credit and taxable in the hands of the appellant u/s 68 of the Act even on protective basis. That the finding and conclusion that "appellant was the beneficial owner of bank accounts of Everbez Business I....