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TMI Blog2017 (1) TMI 623X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. On the facts and circumstances of the case the Ld. CIT(A) has erred in deleting the addition of Rs. 25,433/- made by AO u/s. 35D of the I.T. Act, 1961 on account of preliminary expenses. 3. On the facts and circumstances of the case the ld. CIT(A) has erred in law in deleting the disallowance of Rs. 9,659/- made by AO u/s. 14A of the I.T. Act, 1961. 4. On the facts and in circumstances of the case the Ld. CIT(A) has erred in law in deleting the disallowance of Rs. 7,46,762/- made by AO u/s. 36(1)(iii) of I.T. Act, 1961. 5. On the facts and in circumstances of the case the ld. CIT(A) has erred in law in deleting the disallowance of Rs. 2,41,50,000/- made by AO on account of Share Capital. 6. The appellant craves leave to add, amend a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee attended the assessment proceedings and furnished the information from time to time before the AO. Thereafter the case was assessed at an income of Rs. 2,50,07,600/- after making certain disallowances vide his order dated 22.12.2011 passed u/s. 153C/143(3) of the I.T. Act, 1961. 5. Against the aforesaid assessment order dated 22.12.2011, assessee preferred an appeal before the Ld. CIT(A), who vide impugned order dated 28.6.2013 has allowed the appeal of the asseseee. 6. Aggrieved with the order of the Ld. CIT(A), Revenue is in appeal and assessee is in Cross Objection before the tribunal. 7. At the threshold, Ld. Counsel of the assessee has stated that the Cross Objection filed by the assessee has involved the legal issu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Hon'ble Delhi High Court in ITA No. 337/2015 dated 11.8.2015 CIT vs. Jasjit Singh. ii) Decision of Hon'ble Delhi High Court in the case of CIT vs. Kabul Chawla reported in 234 Taxman 300 (Del.) (380 ITR 573). iii) Delhi High Court decision in the case of CIT vs. RRJ Securities Ltd. reported in 62 taxmann.com 391 (Del.) (380 ITR 612) In view of the above, he requested that the assessment order passed by the AO, is bad in law and is liable to be quashed. 9. On the other hand, Ld. DR relied upon the order of the authorities below and stated that the provision of section 153C has rightly been applied in the case of the assessee on the material available with them. He relied upon the following judgments of the Hon'ble High Court and hence, r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r:- "37. On a conspectus of Section 153A(1) of the Act, read with the provisos thereto, and in the light of the law explained in the aforementioned ITA Nos. 707, 709 and 713 of 2014 of decisions, the legal position that emerges is as under: i. Once a search takes place under Section 132 of the Act, notice under Section 153 A (1) will have to be mandatorily issued to the person searched requiring 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 i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the search and any other material existing or brought on the record of the AO. vii. Completed assessments can be interfered with by the AO while making the assessment under Section 153 A only on the basis of some incriminating material unearthed during the course of search or requisition of documents or undisclosed income or property discovered in the course of search which were not produced or not already disclosed or made known in the course of original assessment. 38. The present appeals concern AYs, 2002-03, 2005-06 and 2006- 07.On the date of the search the said assessments already stood completed. Since no incriminating material was unearthed during the search, no additions could have been made to the income already assessed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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