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2023 (8) TMI 687 - SCH - Income TaxAssessment u/s 153A - addition based on seized material or not? - competency of AO to consider all the material that is available on record - HELD THAT - As submitted by the learned counsel on both sides that the issue involved in this appeal is squarely covered by the decision of this Court Abhisar Buildwell P. Ltd. 2023 (4) TMI 1056 - SUPREME COURT In the light of the dictum laid down thereunder and in view of the indisputable fact that during the search no incriminating material was found, this appeal must fail. Consequently, it is dismissed. In view of the decision in Abhisar s case (supra), completed/unabated assessments could be re-opened by the AO in exercise of powers under Sections 147/148 of the Income Tax Act subject to fulfilment of the conditions envisaged under Sections 147/148 of the Income Tax Act and hence, such powers are saved in terms of the said judgment. Appeal dismissed.
Issues involved: Appeal against final judgment of High Court in ITA No. 100/2022, applicability of decision in Municipal Commissioner of Income Tax v. Abhisar Buildwell Pvt. Ltd., reopening of completed/unabated assessments under Sections 147/148 of the Income Tax Act.
Summary: The Supreme Court granted leave for the appeal against the final judgment of the High Court of Delhi in ITA No. 100/2022. The learned counsel on both sides agreed that the issue in this appeal aligns with the decision in Municipal Commissioner of Income Tax v. Abhisar Buildwell Pvt. Ltd. It was noted that no incriminating material was found during the search, leading to the dismissal of the appeal based on the precedent set in the mentioned case. However, it was highlighted that completed/unabated assessments could still be reopened by the Assessing Officer under Sections 147/148 of the Income Tax Act, as per the ruling in Abhisar's case. The AO is empowered to exercise these provisions subject to fulfilling the conditions outlined in the Income Tax Act. Consequently, the powers for reopening assessments are preserved in accordance with the said judgment. The appeal was ultimately dismissed, with the understanding that pending applications would also be disposed of in light of the decision.
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