2024 (7) TMI 22

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....sdiction the learned Commissioner of Income Tax (Appeals) has failed to appreciate that since neither money, bullion, jewellery or other valuable article or thing belonging to the appellant and nor any books of accounts or documents pertaining to the appellant or any information contained therein relating to the appellant were seized as a result of search the assumption of jurisdiction u/s 153C of   the Act was illegal, invalid and unsustainable. 1.3. That the learned Commissioner of Income Tax (Appeals) has further erred both in law and on facts in upholding the assumption of jurisdiction despite the fact that inabsence of any valid satisfaction having been recorded both in the case of searched person and, the appellant action u/s 153C of the Act was in excess of jurisdiction 2. That since no valid approval has been obtained u/s 153D of the Act, order of assessment made u/s 153C of the Act is invalid and deserves to be quashed' as such 3. That the learned Commissioner of Income Tax (Appeals) has further erred both in law and on facts in upholding an addition of Rs. 1,60,00,000-representing alleged unexplained money under section 69A of the ....

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....lleged payment in cash. 5. A satisfaction note was recorded by the ACIT, Central Circle-16, New Delhi in the case of Shri Rakesh Jain being the "searched person". Satisfaction note reads as under: 6. Satisfaction note was also drawn by the Assessing Officer of the other person [the assessee ] on 24.09.2021 which reads as under:   7. Assessment proceedings were initiated against the assessee and assessment order was framed u/s 143(3) of the Act on 30.12.2021 by which the returned income of Rs. 3,99,140/- was assessed u/s 153C of the Act at Rs. 1,63,99,140/-. 8. Challenge is validity of this assessment order framed u/s 153C of the Act for the reason that it is invalid because the impugned A.Y is beyond the block of six A.Ys, as per provisions of the Act. 9. It is a settled proposition of law that as per provisions of section 153C of the Act, for taking action u/s 153C of the Act, date of search in the case of the other person would be date of receiving books of account or documents or assets allegedly belonging to the other person and seized in the course of search of the searched person. In other words, date of recording of the satisfaction in the case of the ....

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....nd information contained in such documents pertains to Sh. Rakesh Bansal Team Warrant executed Premise Annexure No. No In the name of RO-1 Sh. Rakesh Jain, Ms. Renu Jain Locker No. 159, A-9 Corporation Bank, Green Park Extn, New Del Page No. of Brief description of Annexure 30-46 documents Collaboration agreement entered on 29.06.2013 between Sh. Rakesh Bansal and Sm Vijay Gupta & Smt. Suman Bale Agarwal respect development of of property No. KS, Green Park Main, New Delhi During the course of search, several incriminating documents were found and seized from various promises which indicated that Sh. Rakesh Jain was regularly investing in properties in and around Delhi/NCR. It is further seen that Sh.D.K Gupta himself has sold several properties to Sh. Rakesh Jain. One such property sold by Sh. D.K Gupta is the property at K-5. Green Park Extension, New Delhi However, this property was actually jointly owned by Smt. Vijay Gupta, w/o Sh DK Gupta & Smt. Suman Bala Aggarwal. Before this property was sold to Sh Rakesh Jain, Sh. D.K Gupta had given this property for re....

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....f the Incase Tax Act. 1961 was conducted in Rakesh Jain Group of cases by the Investigation Wing. New Delhi on 02.11.2017. The AO of Sh. Rakesh Jain, a person covered under search conducted in the cases of Rakesh Jain Group recorded his satisfaction that certain information contained in the material seized in the cases of searched persons pertains to Sh. Rakesh Bansal (PAN: AEKPB0298R). the person other than the searchol person. The Assessing officer of the searched person has recorded his satisfaction dated 22.02.2021 and handed over the seized material to the AO of the other person i.e. Sh Rakesh Bansal (PAN: AEKPB0298R) As per satisfaction note dated 22.02.2021, during the course of search action, certain documents containing details in respect of purchase of property situated at K-5, Green Park Main, New Delhi were found and seized from the Locker No. 159. Corporation Bank, Green Park Extn. New Delhi. On perusal of Pages 30-46 of Annexure A-9 seized from the locker, it is seen that it is a copy of a collaboration agreement executed between Smt. Vijay Gupta. wife of Sh. D.K. Gupta (Owner No. 1). Smt. Suman Bala Aggarwal, wife of Sh. Brahm ....