2026 (5) TMI 301

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.... long term capital gain u/s 45 of the I.T. Act. The assessee has raised as many as 11 grounds of appeal. However, Ld. Counsel for the assessee further submits that assessee has filed additional legal grounds of appeal with a prayer to admit the following additional grounds:- 1. That having regard to the facts and circumstances of the case, action of the AO in assuming the jurisdiction and passing the impugned assessment order u/s. 143(3) is incorrect, illegal and void ab initio and in violation of principles of natural justice as the impugned assessment order ought to have been passed u/s. 153C of the Act. 2. That in any case and in any view of the matter, action of the AO in assuming jurisdiction and passing the impugned ....

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....ey u/s. 133A of the Act was conducted in this case on 10.10.2013. By virtue of the authorization of the Director of Income Tax (Investigation), Chandigarh, under section 132(1)(A) of the Act in the case of the assessee, the residential as well as business / office premises of M/s Urbtech Group of cases were subjected to search and seizure operations on 10.102.013. During the relevant assessment year 2014-15, the assessee has declared business loss amounting to Rs. 13,349. In accordance with the provisions of section 153A(1)(a) of the Act, a notice dated 16.10.2014, u/s. 142(1) of the Act was issued and properly served upon the assessee, requiring it to file its return of income in respect of assessment year 2014-15, an assessment year perta....

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....r of search i.e., AY 2016-17 in the assessee's case and therefore, the assessment order in the present case ought to have been passed u/s. 153C whereas the impugned assessment order has been passed u/s. 143(3) which is not as per law, hence, the same may be quashed. 5. On the other hand, Ld. DR strongly supported the orders of the authorities below. 6. Heard rival submissions, perused the orders of the authorities below and the decision relied on. In this case undoubtedly the addition made in the assessment order passed u/s 143(3) of the Act for the AY 2014-15 was based on the search and seizure operations conducted on M/s Urbech Group of Cases on 10.10.2013. In the case on hand undoubtedly the AO has recorded the satisfaction u/s. 15....