2021 (3) TMI 1326 - HC - Income Tax

Assessment u/s 153A - Whether no incriminating material found in search? - HELD THAT - As informed by the Revenue, that the issue, which arises in the present appeal, is covered by the judgement rendered in PARAM DAIRY LTD 2021 (2) TMI 764 - DELHI HIGH COURT Accordingly, the present appeal is disposed of in terms of the said judgement wherein held that in the audited report filed by the assessee along with the report, cash book, ledger, bank book etc. were mentioned; that the respondent assessee was maintaining books on TALLY Accounting Software which was seized during the search and was being treated as incriminating material; however, regular books of account of the assessee, by no stretch of imagination, could be treated as incriminating material to form basis of framing assessment under Section 153A read with Section 143(3) - also once an assessee does not receive a notice under Section 143(2) of the Act within the stipulated period, such an assessee can take it that the return filed by him has become final and no scrutiny proceeding are to be undertaken with respect to that return. Revenue appeal dismissed.

Summary

The Delhi High Court disposed of an appeal in favor of the Revenue, citing a previous judgment from February 15, 2021, related to the assessment year 2012-2013. The case papers will be consigned to record.