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TMI Blog2015 (9) TMI 1406X X X X Extracts X X X X X X X X Extracts X X X X ..... g to the assessee for this assessment year in the seized record found from the residence of the assessee - Held that:- Question that arises is answered in favour of the Assessee and against the Revenue by holding that the additions made in the assessments made pursuant to the search are unsustainable in law. X X X X Extracts X X X X X X X X Extracts X X X X ..... 008 is as under: "1.There is no incriminating document pertaining to the assessee for this assessment year in the seized record found from the residence of the assessee." 4. The third important fact, which is again not in dispute, is that although the statement of the Assessee was recorded during the search, nothing in that statement was found to be incriminating as far as the Assessee was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing him to file returns for six AYs immediately preceding the previous year relevant to the AY in which the search takes place. ii. Assessments and reassessments pending on the date of the search shall abate. The total income for such AYs will have to be computed by the AOs as a fresh exercise. iii. The AO will exercise normal assessment powers in respect of the six years previous to the relevan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y on the basis of seized material." v. In absence of any incriminating material, the completed assessment can be reiterated and the abated assessment or reassessment can be made. The word 'assess' in Section 153 A is relatable to abated proceedings (i.e. those pending on the date of search) and the word 'reassess' to completed assessment proceedings. vi. Insofar as pending assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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