2024 (1) TMI 1229

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.... of the Income Tax Act, 1961 (for short 'the Act') on the following proposed questions of law. (i) Whether the Ld. Tribunal has erred in upholding the order of the Ld. CIT(A) where it is held that any addition during the assessment u/s153A has to be confined to the incriminating material found during the course of search u/s. 132(1) of the Act, even though, there is no such stipulation in Sec. 153A of the Act? (ii) whether the Ld. Tribunal has erred in not appreciating that Sec. 153A requires a notice to be issued requiring the assessee to furnish his return of income in respect of each assessment year falling within six assessment years and to assess or re-assess the total income of those six assessment years, and that th....

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....he Act, even though, there is no such stipulation in Sec. 153A of the Act? (vi) Whether the Ld. Tribunal has erred in upholding the order of the Ld. CIT(A) on the issue of deletion of the addition made on account of expenses on development of plot roads of Rs.17,48,691/- during the assessment u/s. 153A of the Act by holding that additions have to be confined to the incriminating material found during the course of search u/s. 132(1) of the Act, even though, there is no such stipulation in Sec. 153A of the Act? (vii) Whether the Ld. Tribunal has erred in upholding the order of the Ld. CIT(A) on the issue of deletion of the addition made on account of disallowance of interest u/s. 36(1)(iii) of Rs.4,54,28,032/- though the as....

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.... search operation was carried out on 15th June, 2011 under Section 132 of the Act. The case of the assessee was also covered in the said search action. It is submitted by learned advocate for the appellant that thus, the assess was governed by the provisions of Section 153A of the Act. The Assessing Officer thereafter passed order dated 20th November, 2014 under Section 153A(1)(b) of the Act and determined the total assessed income at Rs.27,87,53,190/- after making certain additions. 2.2 Being aggrieved and dissatisfied with the said order, the assessee preferred appeal before CIT(A)-12, Ahmedabad. CIA(A), by common order dated 22nd February, 2016 for Assessment Years 2006-07 and 2008-09, partly allowed the appeal of the assessee. 2.3....

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....ove, it is concluded as under: i) that in case of search under Section 132 or requisition under Section 132A, the AO assumes the jurisdiction for block assessment under section 153A; ii) all pending assessments/reassessments shall stand abated; iii) in case any incriminating material is found/unearthed, even, in case of unabated/ completed assessments, the AO would assume the jurisdiction to assess or reassess the 'total income' taking into consideration the incriminating material unearthed during the search and the other material available with the AO including the income declared in the returns; and iv) in case no incriminating material is unearthed during the search, the AO cannot assess or reassess ta....