2024 (11) TMI 1517

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....t, 1961 (hereinafter referred to 'the Act') for Assessment Year 2011-12. 2. The brief fact leading to the case are that a search and seizure operation under Section 132 of the Act was conducted on 30.07.2015 in Genus Group of cases, Moradabad at the residential and business premises of the directors and partners of the appellant before us. The case was centralized with the ACIT, Moradabad by and under the order dated 07.04.2016 under Section 127 of the Act issued by the Pr.CIT, Moradabad. 3. Accordingly, notice under Section 153A dated 04.09.2017 was issued to the assessee whereupon on 03.12.2017 the assessee filed its return of income declaring total income at Rs.Nil. Subsequently, notice under Section 143(2) dated 05.12.2017 followe....

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....the ADIT(Investigation), Unit-1(1), New Delhi who has reported that the premises was found locked and/or closed and further been informed that the premises was closed for last very many years. Further that, upon inquiry it is found that no PAN was allotted to the company namely M/s Gaurav Fashions Pvt. Ltd., from whom the assessee obtained the unsecured loan of Rs.50,00,000/-. However, the summons on the said party could not be served and thus, the transactions of Rs.50,00,000/-remained unexplained. In the same manner, the inquiries were also conducted in regard to the other 3 parties namely M/s Maheshwari Financials Services Pvt. Ltd., M/s Toor Financial Co. Ltd. and M/s Vemuri Finvest Pvt. Ltd. Relevant to mention that as the summons coul....

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....nd abated; iii) in case any incriminating material is found/unearthed, even, in case of unabated/completed assessments, the AO would assume the jurisdiction to assess or reassess the 'total income' taking into consideration the incriminating material unearthed during the search and the other material available with the AO including the income declared in the returns; and iv) in case no incriminating material is unearthed during the search, the AO cannot assess or reassess taking into consideration the other material in respect of completed assessments/unabated assessments. Meaning thereby, in respect of completed/unabated assessments, no addition can be made by the AO in absence of any incriminating material found during t....