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TMI Blog2016 (9) TMI 1333X X X X Extracts X X X X X X X X Extracts X X X X ..... mmissioner of Income Tax (Appeals) has acted arbitrarily and on presumption basis, contrary to principles of natural justice and provision of law as such the action and findings based thereon stands vitiated and order is bad in law. 2. On the facts and in the circumstances of the case, the Ld CIT (A) was not correct in holding that assessment proceedings are validly initiated and further holding that assessment order was not illegal and invalid 3. On the facts and circumstances of the case the notice u/s. 153 A is misconceived and illegal being without jurisdiction, contrary to facts and provision of law and hence the assessment based thereon must be quashed as erroneous and void. 4. That on the facts and circumstances the Ld Commi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I.T.A.No. 5772/Del/2013 (Revenue's appeal)": "1 On the facts and in the circumstances of the case, the CIT(A) has erred in deleting the disallowance of Rs.~2,69,48,770/- out of interest expenses. 2 On the facts and in the circumstances of the case, the CIT(A) has erred in deleting the disallowance of Rs. 2,69,48,770/- and ignoring the facts that the assessee company failed to produce the relevant receipts of the interest paid by it and copy of agreements with the Director Town & Country Planning and the assessee company during the course of assessment proceedings. 3 On the facts and in the circumstances of the case, the CIT(A) has erred in deleting the disallowance of Rs. 2,69,48,770/- and in ignoring the facts that the assessee co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oceedings took place at Shri Ram Hari Ram group of cases and thereby assessee was also searched on 26.02.2009. The assessee filed its original return declaring its income at Rs. 12,41,50,220/- on 06th November 2007 and the assessment order u/s 143(3) was passed on 30.12.2008. 4. Ld. A.R. submitted that as such no assessment was pending for the year under consideration, as on the date of search. He further submitted that during the search, the Assessing Officer could not find any incriminating material that could lead to the addition being made in respect of interest expenses and difference in valuation of W.I.P. He further submitted that since no assessment was pending, there was no question of abatement of proceedings for assessment to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the search and seizure proceedings. Hence, the additions made in the assessment order by the Assessing Officer in admittedly not based on any material found or seized during the course of search. 9. We are, therefore, of the opinion that the case o the assessee is squarely covered by the decision of CIT Vs Kabul Chawla (supra). For the reasons set out above, we uphold ht legal issue raised by the assessee in the cross objection and hold the impugned assessment as null and void. 10. As the assessment proceeding has been quashed and set aside, the other grounds raised by the assessee as well as the Revenue, stand infructuous without going into the merits. 11. Accordingly, the appeal filed by the assessee stands allowed on the legal issue r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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