TaxTMI 
TaxTMI 
2026 (5) TMI 397
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.... Years 2012-13 & 2018-19, respectively. 2. Since the above captioned appeals were heard together and the facts in issues are identical, all these appeals are being disposed off by this common order for the sake of convenience and brevity. We however note that the Form 36 of the assessee mentions the appeal in ITA SS 5787/Del/2024 pertains to AY 2012-13, the assessee has filed submissions for AY 2017-18. The same has been ignored and the decision is taken on the basis of materials on record. IT(SS)A No. 5787/Del/2024 for A.Y. 2012-13 (Assesse's appeal) 3. The assessee has raised the following grounds of appeal: 1. Because the action for initiation, continuation and conclusion of assessment proceedings u/s 153A at an assesse....
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.... u/s 139(1) on 30.03.2013 declaring income of Rs 3,94,300/-. The return was processed u/s 143(1) of Income Tax Act, 1961 on 22.04.2013. Search under section 132 of the Act was conducted on 14.09.2017 at the residential premises of the assessee and various documents were found and seized. The assessee was issued notice u/s 153A on 28.02.2019 requiring the assessee to furnish the return of income for the year under consideration being one of the six assessment years preceding the assessment year in which search was conducted, In response to which return was E-filed on 11.12.2019 declaring income of Rs. 3,94,300/-. 5. In the course of assessment proceedings, the AO, in absence of supportive evidence, treated the gift of Rs. 13,00,000/- rece....
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....e Act on 14.09.2017, the said AY 2012-13 had become an unabated year. 10. We further note from the AO's assessment order that the said addition of gift, emanated from the statement of affairs, filed by the assessee. We also find that the assertion of the assessee that the addition is not based on any incriminating materials, has remained uncontroverted by the ld DR. In such factual matrix, the decision of Abhisar Buildwell Pvt. Ltd 454 ITR 212 of Hon'ble Supreme Court squarely applies which held that in unabated assessment year, no addition can be made in absence of any incriminating materials. Ground 3 is allowed in the aforesaid terms. 11. The grounds on merits are not adjudicated as they are rendered academic. ITA No. 5824/DEL/2....
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....onus of explaining source of seized jewellery, it's contentions to prove the source, hardly deserves to be accepted in entirety especially when the fact remains that the assessee was given benefit of exclusion of 1262.74 gms of jewellery as per CBDT Instruction no 1916 which mandates 500 gms of jewellery per married ladies as being exempt from seizure during search. On the other hand, the Revenue's endeavour to disbelieve the assessee's contention that seized jewellery belonged to his mother Smt Nirmala Devi, cannot be fully justified especially considering the fact that the Revenue had accepted the veracity of jewellery purchase in the hands of assessee's mother in AY 2017-18 to the extent of Rs 15,46,601/-. In this factual matrix, there i....
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....l wanted to start a business in the field of home delivery of kiryana items by picking them from traditional Kiryana Stores and the aforesaid pages were rough workings on diary and are related to preparation/budget/estimates to set up a new business in the name of Express Cart LLP, incorporated on 31.12.2015. The assessee explained that the statement of the brother of the appellant, Shri Chetan Dalal, was also recorded during the course of search, wherein in response to question number 7, he admitted having started a company Express Cart dealing in advertisement and grocery delivery. He had further stated that the said company was on trial and since the business was not found workable, the business was closed after 2 to 3 months of trial an....