TaxTMI 
TaxTMI 
2024 (8) TMI 886
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....ppeals under Section 260A of the Income Tax Act, 1961 (for short, "the Act") circulated on behalf of the Revenue, which arises from a common judgment and order passed by the Income Tax Appellate Tribunal, Mumbai Bench (for short, "the Tribunal") dated 21 March 2018 in a batch of Income Tax Appeals. 2. Before the Tribunal, disputes had arisen from the order passed by the Commissioner of Income Tax (Appeal) taking a view that in the absence of any incriminating material found in the course of search, no additions are permissible in the assessments made under Section 153 (C) of the Act in years, where the original assessments do not abate, following the decision of this Court in Commissioner of Income Tax vs. Continental Warehousing Corporati....
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....ress a specific opinion. The provision deals with those cases where assessment or reassessment, if any, relating to the assessment years falling within the period of six assessment years referred to in sub-section (1) of section 153A were pending. If they were pending on the date of the initiation of the search under section 132 or making of requisition under section 132A, as the case may be, they abate. It is only pending proceedings that would abate and not where there are orders made of assessment or reassessment and which are in force on the date of initiation of the search or making of the requisition. As that specific argument was canvassed and dealt with by the Division Bench and that is how it was called upon to interpret section 15....
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....pectfully agree. These are the conclusions which can be reached and upon reading of the legal provisions in question." 4. On the aforesaid premise and referring to the decision of this Court in Commissioner of Income Tax vs. Continental Warehousing Corporation (supra), the Tribunal rejected the appeals filed by the Revenue against the orders passed by the CIT (Appeals). The relevant observations made by the Tribunal are required to be noted which read thus:- "2. In all the appeals, the sum and substance of the dispute arises from the decision of the CIT(A) in holding that in the absence of any incriminating material found in the course of search, no additions are permissible in the assessments made u/s. 153C of the Income Tax Act, 1961 ....
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...., the reference to the date of initiation of the search under section 132 or making of requisition under section 132A in the second proviso to sub-section (1) of section 153A shall be construed as reference to the date of receiving the books of account or documents or assets seized or requisitioned by the Assessing Officer having jurisdiction over such other person." Notably, second proviso to Sec. 153A (1) of the Act prescribes the guide as to under which circumstances the original assessment or reassessment for the prescribed six assessment years shall abate. With respect to an assessee covered u/s. 153C of the Act, the prescription of second proviso to Sec. 153A (1) of the Act has to be applied taking into account the first proviso....
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....can be reopened by Assessing Officer in exercise of powers under Section 147/148 subject to fulfillment of conditions as envisaged under Section 147/148 and those powers were saved. The conclusions of the Supreme Court as set out in paragraph 14 are required to be noted which read thus:- "14. In view of the above and for the reasons stated above, 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 t....