2023 (8) TMI 84

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....ct') for Assessment Years (AYs.) 2011-12 and 2013-14, a combined order for AYs. 2011-12 to 2013-14, vide separate orders of even date, i.e., 29/12/2017. The corresponding cross objections (COs) by the assessee are supportive of the impugned orders. 2.1 Shri Surendranath Rao, the learned counsel for the assessee, on being queried in respect of the assessee's COs., filed on 15/6/2023, i.e., at a delay of 441 days, would submit that in view of the recent decision by the Hon'ble Apex Court in Pr. CIT vs. Abhisar Buildwell Pvt. Ltd., rendered on April 24, 2023 (reported at [2023] 454 ITR 212 (SC)), the Revenue's appeals are not maintainable. This explains the assessee's COs agitating the same. This, he would continue, is for the reason that....

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....s. 2(45), could only be in relation to an incriminating material/s found and seized during search proceedings. The only addition in the instant case/s is in respect of deemed dividend, rejecting the assessee's explanation, since accepted by the ld. CIT(A), that the same is a trade advance/s, to which therefore the provision of sec. 2(22)(e) of the Act does not apply. It is, however, in view of the clear position of law explained in Abhisar Buildwell Pvt. Ltd. (supra),not necessary to travel to the merits of the addition/s made. The assessee's COs, he would add, raise this issue, i.e., in view of the decision in Abhisar Buildwell Pvt. Ltd. (supra) delivered on 24.4.2023, reversing the law as understood and explained by the Hon'ble jurisdicti....

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.... case of unabated/completed assessments, the Assessing Officer would assume the jurisdiction to assess of reassess the "total income" taking into consideration the incriminating material unearthed during the search and the other material available with the Assessing Officer including the income declared in the returns; and (iv) in case no incriminating material is unearthed during the search, the Assessing Officer cannot assess or reassess taking into consideration the other material in respect of completed assessments/unabated assessments. Meaning thereby, in respect of completed/unabated assessments, no addition can be made by the Assessing Officer in the absence of any incriminating material found during the course of search under sect....