2024 (8) TMI 1645

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....18. The two appeals are have common set of facts in backgrounds and identical issues are involved. 2. The facts in brief are that, search operation was conducted in the office premises of Krish Group of Companies and accordingly notice u/s 143A of The Income Tax Act 1961 (hereinafter referred as 'the Act') was issued upon the assessee which is engaged in the business of manufacturing of liquor beverages. Allegedly in the search conducted on 09/11/2011, various incriminating papers were found and seized from the office premises as well as the residential premises of the Directors such as Sh. Amit Katyal. The Assessing Officer records that these documents were duly confronted to the Krish Group during the course of search proceedings. The ....

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....hat no addition can be made u/s 153A in respect of completed assessment if no incriminating material is found during search. (iii) Whether there is any restriction on the powers of the Assessing Officer under section 153A of the Income Tax Act, 1961 to confine only to the "incriminating material found during the search", even though such words or conditions are not mentioned in the section per se. (iv) Whether on the facts and in the circumstances of the case the Ld. CIT (A) was correct in interpreting section 153A which starts with a non-obstinate clause stating therein that the operation of section 139,147, 148, 149, 151 & 153 was deposed meaning thereby that in search cases the Assessing Officer is duty bound to take up....

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....s failed to appreciate that the information collected during the enquiries conducted by the Investigation Wing/ Assessing Officer pointing towards the finding that the assessee company has received the said share application/premium through accommodation entries constituted incriminating material which could have been utilized for making the addition of Rs. 1,52,00,000/- as unexplained share application money in the assessment order framed u/s 153A by the Assessing Officer. (ix) The appellant craves to add, amend, alter or modify any grounds of appeal at the time of hearing." 3. On hearing both the sides it comes up that the Ld. Departmental Representative has primarily relied the various observations of Assessing Officer t....