2025 (8) TMI 363

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....7 for Assessment Years 2008-09 to 2011-12. 2. Since the issues are common and the appeals are connected, hence the same are heard together and being disposed off by this common order. We take ITA No.6545/Del/2017 for AY 2008-09 as lead case. 3. Brief facts of the case are, assessee filed its return of income on 31.07.2010 declaring total income of Rs. 45,59,196/-. The return was processed under section 143(1) of the Income Tax Act 1961 (in short 'the Act'). A search and seizure operation under section 132 of the Act was carried out on 20.01.2012. During the search, certain assets in the form of cash, jewellery and certain documents were found and seized. Notice under section 153A was issued to the assessee to file her return of income....

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....rovided to the assessee and in response, she denied the existence of any account belonging to her with the said bank. After considering her statements, the Assessing Officer treated the above said documents belonging to her and her family members, such as, Mr Sanjay Dalmia (Brother in law) and Mr Anurag Dalmia (husband). And based on the information contained therein, he treated the principal amount mentioned in the statements as belongs to the assessee and he calculated the interest earned on the above said amounts from 01.04.2009 to 31.03.2010 for 12 months which was worked out at the rate of 4% to Rs. 56,04,417.58. After giving opportunity to the assessee to explain the same and after considering the reply, he proceeded to make the addit....

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....was considered by the Hon'ble High Court of Delhi and deleted the addition, which is placed on record at page 34 of the paper book. 8. Considered the rival submissions and material placed on record. We observed that ld. CIT(A) has deleted the protective addition in the hands of the assessee considering the fact that he has sustained the addition in the hands of Mr Sanjay Dalmia on substantive basis, in fact, the addition was sustained in the hands of Mr Sanjay Dalmia after the search and seizure operation. The Hon'ble Delhi High Court considered the relevant facts on record and deleted the addition in the hands of Mr. Sanjay Dalmia based on the findings that no incriminating material brought on record by the Revenue, the relevant finding....