2026 (2) TMI 252

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....rtain to same assessee, they were heard together and are disposed of by this common order for the sake of convenience and brevity. 3. Representatives of both the sides were heard at length. Case records carefully perused. Relevant documentary evidence brought on record duly considered in light of Rule 18(6) of the ITAT Rules. 4. First we take up the legal issue raised vide Ground No. 3 in both the appeals which goes to the root of the issue. 5. Briefly stated, the facts of the case are that the assessee Abhi Capital Services Limited, is a company incorporated on 16th March 1995 under Companies Act, 1956. The assessee was engaged in the business of trading in derivatives (Futures & Options) and trading of equity shares and received ....

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....the deemed year of search in the assessee's case would become A.Y 2023-24 and 10 years counting backwards would come to only upto A.Y 2014-15. Accordingly, for the purposes of section 153C of the Act, the Assessing Officer will not have jurisdiction for A.Ys 2010-11 to A.Y 2013-14. The ld. counsel for the assessee relied upon the decision in the case of Jasjit Singh (2023) 155 taxmann.com 155(SC) and PCIT Vs. Ojjus Medicare [P] Ltd 161 taxmann.com 160. The ld. counsel for the assessee prayed for quashing the assessment made u/s 153C of the Act for the A.Ys under consideration. 10. Per contra, the ld. DR stated that the ld. CIT(A) has based his order without seeking remand report on the issue of satisfaction note. 11. We have heard the....

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....question of abatement..... which is without merit." 13. The Hon'ble Delhi High Court has further elaborated the legal dictum in the case of Ojjus Medicare Pvt Ltd [2024] [supra] wherein it has held as under: "First Proviso to Section 153C introduces a legal fiction on the basis of which the commencement date for computation of the six year or the ten-year block is deemed to be the date of receipt of books of accounts by the jurisdictional AO. The identification of the starting block for the purposes of computation of the six and the ten year period is governed by the First Proviso to Section 153C, which significantly shifts the reference point spoken of in Section 153A(1), while defining the point from which the period of th....