2025 (7) TMI 531

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....order dated May 8, 2024, passed by the Income Tax Appellate Tribunal, "B" Bench, Kolkata in I.T(SS). A. No.97/Kol/2023 for the assessment year 2012-13. 2. The revenue has raised the following substantial questions of law for consideration : i) Whether in facts and in the circumstances of the case the Ld. Income Tax Appellate Tribunal was justified in law to hold that the addition has not been made on the basis of incriminating documents found during the course of search and seizure operation when it is evident from page no. 22 of the CG/2 that cash been given to the brokers to the extent of value of shares issued ? ii) Whether in facts and in the circumstances of the case the Ld. Income Tax Appellate Tribunal was justified in law to ho....

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....t no incriminating material relating to the assessee company was found or seized. The Assessing Officer issued notice under Section 153A and in response to the same the assessee filed its return of income and also brought to the notice of the Assessing Officer that since no incriminating material was found in the course of search or any incriminating goods or material were found, the assessment cannot be made under Section 153A of the Act. The Assessing Officer opined that no explanation has been given by the assessee with regard to the identity and creditworthiness of the subscriber companies and genuineness of the transaction has not been established and therefore, the credit of Rs. 8,37,00,000/- in the books of the assessee is the own mo....

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....he Assessing Officer did not emanate from any incriminating material found during the search and therefore cannot be sustained. In respect of the second addition of one alleged bogus share capital, the Assessing Officer has referred to the seized/imported material marked as CG/2 at pages 1 and 2 which, according to the Assessing Officer, shows that "One Jeetuji" received cash under the head of long-term capital gain. The Assessing Officer recorded that in the course of post search investigation it was found that the assessee booked bogus LTCG in the assessment year 2012-13. However, he has not made any addition in this regard and therefore the information from the seized material cannot be construed as incriminating material for the purpose....