TaxTMI 
TaxTMI 
2024 (8) TMI 465
X X X X Extracts X X X X
X X X X Extracts X X X X
....er the Ld. CIT(A) is correct in making the additions in the completed assessments when no assessment has abated, and where no incriminating materials or undisclosed property were found during the course of search. (2). Whether Ld. CIT(A) is justified fact and law in treating the agricultural land to be non- agricultural land and thereby making addition to the tune of Rs. 2,55,00,000/- under the head short term capital gain of Income Tax Act, 1961. (3). Whether the Ld.CIT(A) is justified in law as well as fact in treating advance of Rs. 82,00,000/- given by the company to the appellant as deemed dividend under Sec 2(22)(e) of the Income Tax Act. (4). Whether the Ld. CIT(A) is justified in law and facts in holding t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s Rs. 3,79,89,230, after making addition of Rs. 82,00,000, on account of deemed dividend under section 2(22)(e) of the Act and Rs. 2,55,00,000, on account of short term capital gains on sale of land for the year 2010-11 by holding the land to be non-agricultural. Aggrieved by the assessment order, the assessee filed appeal before the learned CIT(A). 5. The learned CIT(A), vide his impugned order, sustained the additions made by the Assessing Officer both on legality as well as on merits. Aggrieved, the assessee is in further appeal before the Tribunal. 6. We have heard the rival arguments, perused the material available on record and gone through the orders of the authorities below. Before us, the learned A.R. invited the attention of....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e addition on account of deemed dividend, we find that the ledger disclosing the loan paid to the Director was duly reflected in the Balance Sheet of the Company. The learned A.R. further submitted that it is a current account with the company and substantially there was a cumulative credit balance in the company. In neither of the two cases, no incriminating material was found at the time of search in assessee's residential premise to justify the addition. The learned Departmental Representative suggested that these documents are incriminating in nature and this points out escapement of income. Even if these have been recorded in the return of income, the addition is sustainable because there is non-adherence to the provisions of computati....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... sections 147/148 of the Act, subject to fulfilment of the conditions as envisaged/mentioned under sections 147/148 of the Act and those powers are saved. The question involved in the present set of appeals and review petition is answered accordingly in terms of the above and the appeals and review petition preferred by the Revenue are hereby dismissed. No costs. Civil Appeal Nos.7738-7739/2021, 7736-7737/2021, 7732-7735/2021 and 7740-7743/2021 7. In the present case, we find that the documents seized during the search are not in the nature of incriminating documents, because these were duly recorded in the books of account of the Company. The assessment year 2010-11 is undisputedly an unabated assessment year. Even upo....
X X X X Extracts X X X X
X X X X Extracts X X X X
....was identical to the original return of income. The original return of income attained finality in the absence of notice under section 143(2) of the Act. The Assessing Officer made addition towards deemed dividend under section 2(22)(e) of the Act. The Hon'ble Bombay High Court relied on the decision in the case of CIT v/s Murli Agro Products Lid, [2014] 49 taxmann.com 172, wherein it was held that once the assessment has attained finality before the date of search and no material is found in the course of proceedings under section 132 of the Act, then, no addition can be made in the proceedings under section 153A of the Act and deleted the additions made on account of deemed dividend. Relying on the judgments of the Hon'ble Jurisdictional ....