TaxTMI 
TaxTMI 
2024 (10) TMI 83
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....d u/s. 153A of the Income Tax Act, 1961 (hereinafter "the Act") for the Assessment Year 2014-15. 2. The grounds of appeal raised by the assessee are as under: "1. The order of the Commissioner of Income Tax (Appeals)-20 [CIT(A)] is wrong, illegal and is opposed to law. 2. The Learned CIT(A)-18 erred in confirming the addition made in the assessment order passed u/s. 143(3) r.w.s 153A in the absence of any incriminating material found during search. The learned CIT(A) failed to see that in assessments made u/s. 143(3) r.w.s 153A of the Income-Tax Act, 1961 addition can be made only on the basis of incriminating material found in search U/s 132 of the Income-Tax Act, 1961. 3. The learned CIT(A)-18 ought to have s....
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....no abatement of pending assessment proceedings and therefore same as disallowing of agricultural income and treating the unexplained credit under section 68 is bad in law. 6. The learned CIT(A) ought to have seen that the assessing officer erred in making addition of Rs. 80,40,785/- to the income of the appellant under the head Long term Capital gain and Rs. 36,80,000/- as short term capital gain on sale of agricultural land. The impugned land that has been sold satisfies all requirements to be claimed as rural agricultural land and not a capital asset. 7. The learned CIT(A) ought to have seen that although the appellant has reinvested the sale consideration in agricultural land, however since the impugned land which was s....
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....riculture land at Vengili of Rs. 36,80,000/- which was claimed as exempt u/s. 54B of the Act. The A.O has disallowed the exemption stating that the assessee had only submitted sales and purchase agreements on land, but had not provided evidence to establish that the land in question was agriculture land. On appeal, the Ld. CIT(A) has confirmed the addition. The Ld. CIT(A) referred to the statement of the accountant during a search operation in which the accountant allegedly admitted that the assessee group was inflating agriculture income and routing unaccounted income through bank account of employees. The Ld. CIT(A) also upheld the denial of deduction u/s. 54B of the Act as the assessee had not furnished any further evidence to prove that....
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....ed the addition. The Ld. DR argued that the assessee had used employees bank accounts, but deposited unaccounted cash disguised as agriculture income. 6. We have heard the rival submissions, and perused the materials available on record. The primary issue in this appeal revolves around whether addition made by the A.O in the order u/s. 153A of the Act can be sustained in the absence of incriminating material. The Hon'ble Supreme Court in the case of PCIT vs. Abhisar Buildwel (P.) Ltd., supra, has clearly held that no addition can be made in a completed assessment u/s. 153A of the Act unless an incriminating material is found during the search. In the present case, the A.O has not pointed to any such material with respect to the agricultu....