9911796707
|
Home
Issues Involved:
The judgment deals with the correctness of an order of the CIT(A)-XIX, Kolkata regarding assessment u/s.143(3) r.w.s. 153C of the Income Tax Act, 1961 for the assessment year 2005-06. Assessment u/s. 153C - Belonging of Documents: The Assessing Officer challenged the CIT(A)'s decision to quash the assessment u/s. 153C based on the ground that the relevant documents did not belong to the assessee, despite certain transactions matching with the assessee's records. The documents were found during a search and seizure operation at the premises of another entity. The CIT(A) deleted the addition made by the AO, stating that for section 153C to apply, the documents seized must belong to the assessee. The Tribunal upheld this decision, citing the requirement that the seized documents must belong to the person being assessed under section 153C, as established by judicial precedents. Interpretation of Section 153C: The Tribunal differentiated between section 158BD and section 153C, emphasizing that the latter pertains to documents belonging to a person other than the one subjected to search and seizure proceedings. Referring to a case law, it was established that for section 153C to be invoked, the seized documents must unequivocally belong to the person being assessed. The Tribunal upheld the CIT(A)'s decision, highlighting that even if documents indicate unaccounted income of a third party, if they do not belong to that party, section 153C cannot be applied. The Tribunal rejected the AO's appeal, relying on binding judicial precedents and the clear requirement that the seized documents must belong to the assessee for section 153C to be applicable. This summary provides a detailed overview of the judgment, focusing on the issues involved and the Tribunal's interpretation of the relevant legal provisions and precedents.
|
