TaxTMI 
TaxTMI 
TaxTMI 
2023 (10) TMI 1591
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....ssee has raised the following grounds:- "ON NATURAL JUSTICE: 1.1 In the facts and circumstances of the case and in low the order passed by the Learned Commissioner of Income Tax (Appeals))-5. Mumbai ["the Ld. CIT(A)" for short] is bad in law and void since the same is used an extraneous and totally irrelevant considerations, ignoring the relevant and considerations and is also contrary to various judicial precedents and the extant law. ON MERITS: 1.1 In the facts and circumstances of the case and in low the Ld CIT (A) erred in confirming the action of the Learned Deputy Commissioner of Income Tax Central Circle-5(3), Mumbai ["the Ld. AO" for short] in framing the assessment under section 143(3) r.w.s. 153....
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....eciate that: (i) There is no real, substantial, effective and corroborative evidence before the Ld. AO to hold that the Appellant had taken cash loan from the searched person, Mr. Suresh Gandhi; (ii) The only document on the basis of which the said observation is made by the Ld. AO does not belong to the Appellant and is nothing but a mere dumb document, the ownership whereof has neither been established by the Ld. AO nor by the AO of the searched person; (iii) Nowhere in his statement or even at the time of search has Mr. Suresh Gandhi, the searched person, ever stated or admitted that he had personally handed over the cash to the Appellant and hence his admission could not be used against the Appellant; and ....
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....e year under appeal so as to trigger section 69C of the Act. 4. All the above-mentioned grounds are without prejudice to each other. The Appellant craves leave to add, alter, delete or modify all or any the above grounds of appeal." 3. During the hearing, the learned Authorised Representative ("learned AR") at the outset submitted that since the satisfaction under section 153C of the Act was recorded on 18/12/2017, no action under the aforesaid section can be taken for the assessment years prior to the assessment year 2012-13 and thus the relevant assessment year, i.e. 2011-12 is beyond a period of 6 years as contemplated under section 153C read with section 153A of the Act. 4. We have considered the submissions of both sides....
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....on 132 or making of requisition under section 132A, in the second proviso to section 153A(1), has to be construed as reference to the date of receiving the books of account or documents or assets seized or requisition by the Assessing Officer having jurisdiction over such other person. Thus, in the present case, since the satisfaction note under section 153C of the Act was recorded on 18/12/2017, therefore, the assessment year in which the search is conducted for the purpose of section 153C is the assessment year 2018-19 and the six assessment years for which the income can be assessed or reassessed under section 153C(1) of the Act are assessment years 2012-13 to 2017-18. Therefore, as per the assessee, since the year under consideration do....
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....ers and materials belonging to the third party, to the concerned A.O. In that event if the date would virtually "relate back" as is sought to be contended by the revenue, (to the date of the seizure), the prejudice caused to the third party, who would be drawn into proceedings as it were unwittingly (and in many cases have no concern with it at all), is dis-proportionate. For instance, if the papers are in fact assigned under Section 153-C after a period of four years, the third party assessee's prejudice is writ large as it would have to virtually preserve the records for at latest 10 years which is not the requirement in law. Such disastrous and harsh consequences cannot be attributed to Parliament. On the other hand, a plain reading ....