TaxTMI 
TaxTMI 
2024 (12) TMI 768
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....one of the issues involved in both the Assessee appeals is common and identical, except the difference in figure of addition made, hence, both the appeals of Assessee were heard together and are being disposed of by this common order for the sake of convenience, by only dealing with Assessee's Appeal No. 3567/Del/2018 (AY 2011-12) and the decision thereof will apply mutatis mutandis to other Assessee's ITA Nos. 3568/Del/2018 (AY 2012-13). 2. The grounds raised in Assessee's Appeal No. 3567/Del/2018 (AY 2011-12) are reproduced as under:- 1. That having regard to the fact and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in assuming jurisdiction and issuing of notice u/s 153....
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....confirming the action of Ld. AO in holding the loss incurred by the assessee as speculative in nature and has further erred in holding that this loss cannot be set off against the future income of the assessee company. 8. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of AO in passing the impugned order without giving adequate opportunity of being heard. 9. That the appellant craves the leave to add, alter or amend the grounds of appeal at any stage and all the grounds are without prejudice to each other. 3. The grounds raised in Assessee's Appeal No. 3568/Del/2018 (AY 2012-13) are reproduced as under:- 1. That having regard to th....
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....aw and on facts in confirming the action of AO in passing the impugned order without giving adequate opportunity of being heard. 7. That the appellant craves the leave to add, alter or amend the grounds of appeal at any stage and all the grounds are without prejudice to each other. 4. Briefly stated facts are that in the case of the assessee, the residential as well as business / office premises of M/s SRS Group of cases were subject to search and seizure operations on 09.5.2012. The assessee was drawing income from business and profession. A notice was served upon the assessee under the provisions of section 153C r.w.s. 153A of the Act on 18.09.2014 and assessee was asked to file the return of income for this specific year. Ass....
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....e note that the additions in dispute are not based upon any incriminating material found during the course of search. Ld. DR could not dispute this proposition. We note that as per the decision of the Hon'ble Supreme Court of India in the case of PCIT vs. Abhisar Buildwell Pvt. Ltd., CA No. 67580/2021 dated 24.4.2023, (2023) SCC Online SC 481, no addition can be made the assessment framed u/s. 153A dehors incriminating material found during the search. We find considerable cogency in the contention of the Ld. AR that the original return of income was filed on 25.09.2010 and notice u/s. 153C is dated 18.09.2014 and in view of the Hon'ble Supreme Court in the case of CIT vs. Jasjit Singh (2023) 155 taxmann.com 155 (SC), 18.09.2014 should be t....