2024 (6) TMI 261

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....of the Hon'ble Commissioner of Income Tax (A) is arbitrary, against law and facts on record. 2 The Hon'ble Commissioner of Income Tax (A) has failed to consider that the issuance of notices u/s 153CI 142(1)/143(2) of the Income Tax Act, 1961 by the learned Assessing officer and the proceedings conducted there under are against the provisions contained in the Income Tax Act, 1961 and is bad in law and hence liable to be quashed. 3. The Hon'ble Commissioner of Income Tax (A) has erred in confirming addition of Rs. 75,00,000/- made on protective basis by the Assessing(officer without going through the facts of the case, statutory provisions as well as explanation filed during the course of assessment proceeding as well as dur....

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....erseas ITA No. 5. The ld. DR could not controvert to the submissions of the ld. counsel for the assessee and placed strong reliance on the orders of the authorities below. 6. We have carefully considered the orders of the authorities below and have gone through the relevant material on record. 7. Briefly stated, the facts of the case are that search and seizure operation u/s 132 of the Income-tax Act, 1961 [the Act, for short] was conducted in Minda Group of cases on 20.09.2013. During the search and seizure operation, documents belonging to the assessee were also seized from the business and residential premises of the Minda Group. 8. Following satisfaction note was drawn by the ACIT, Central Circle-13, New Delhi: 9. It can ....

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.... the case of Minda Group of cases. During the course of pendency of assessment proceedings in the case of Minda Group of cases AY 2008-09 to 2013-14 (u/s 153A/143(3)) the material seized from the premises of the assessee has been examined by the undersigned being the jurisdictional AO. After examining such seized material, I am satisfied that the following seized documents belong to persons other than Minda Group of cases. The details such of papers is as under: Party No./Annexure No./Seized From Page No. of Annexure Brief description of documents Person to whom FY the documents belongs Involved 16 O-2/A-4 JAY Loan Agreement dated 15 Dec M/s. Manish Merchant Pvt. USHIN LTD.....