2024 (7) TMI 972

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.... 2. These appeals are directed against the order dated 19.12.2018 passed by the Income Tax Appellate Tribunal 'A' Bench, Chennai, in I.T.A.Nos.1055 and 1054/Chny/2018, respectively. 3. The respondent is the assessee and the assessment years involved in these appeals are 2009-2010 and 2011-2012. The appellant is in the business of trading in gold jewellery and bullion in the name of M/s.A.K. Exports and is also the Managing Director of M/s.Lalithaa Jewellery Mart Private Limited. Pursuant to a search and seizure operation under Section 132 of the Income Tax Act, 1961, a notice under Section 153A of the Act was issued to the assessee and after considering the response of the assessee, the Assessing Officer completed the assessment ....

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....found during search and which formed the basis of search assessment, was filed along with the return of income for the assessment year 2011-12 without appreciating that the said return of income was e-filed and for that assessment year, annexure less return was only envisaged? iii. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in placing reliance on SLP dismissal simpliciter in the case of PCIT Vs Meeta Gutgutia [reported in 96 Taxmann.com 468] when the issue of jurisdiction under Section 153A of the Income Tax Act was not at all before the Hon'ble Supreme Court in the said SLP? and iv. Whether, on the facts and in the circumstances of the case, the Tribunal was justified i....

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.... department, despite the fact that the assessment years involved are 2009-2010 and 2011-2012 and the Revenue has accepted before the Tribunal that there are no incriminating materials found during the search. 9. The Apex Court in Principal Commissioner of Income Tax, Central-3 v. Abhisar Buildwell Pvt. Ltd, (2024) 2 SCC 433, emphatically held that the Assessing Officer would not be justified to assess income in case no incriminating material is found during the search. We may refer with profit certain observations made in the said decision hereunder: "36. In view of the above and for the reasons stated above, it is concluded as under: 36.1. That in case of search under Section 132 or requisition under Section 132-A, the....