2025 (2) TMI 1941

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....008-2009 and 2010-2011 to 2011-2012. 2. Since identical facts and issues are involved in these appeals, they were heard together and are being disposed of by the common order. We take ITA No.689/Coch/2024 as the lead appeal for adjudication and the decision which would arrive at therein would be applicable to other appeals as well. 3. The brief facts of the case are that the assessee is a company engaged in the business of cable operation. A search and seizure operation was carried out under the provisions of sec.132 of the Income-tax Act, 1961 ("the Act" hereinafter) on 08.11.2010. During the course of search and seizure certain incriminating materials were stated to have been found and seized. Based on the incriminating material, th....

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....he addition is wholly based on the incriminating material found and seized. The CIT(A) further held by placing reliance on the judgment of the Hon'ble jurisdictional High Court in the case of CIT v. Hotel Meriya (2014) 362 ITR 664 (Ker.) that the AO is empowered to estimate the income of the assessee even in the case of search assessment proceedings. However, the CIT(A) deleted the addition on account of unexplained cash credits of Rs. 59,100 and addition on account of estimated disallowance of expenditure of Rs. 59,237. Insofar as the addition of Rs. 1,57,038 being disallowance of carried forward loss set off, is concerned, the CIT(A) issued certain directions to the Assessing Officer to settle the issue. 5. Aggrieved by the order of th....