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TMI Blog2018 (1) TMI 445X X X X Extracts X X X X X X X X Extracts X X X X ..... therwise, no persons should be condemned unheard, thus, considering the principle of natural justice and the material facts available on record, in all fairness, we deem it appropriate to remand these files to the file of the First Appellate Authority to adjudicate the same afresh on merit. The assessee be given opportunity of being heard with further liberty to furnish evidence in support of his claim. The assessee is also directed to remain careful and to furnish the necessary evidence before the Ld. Commissioner of Income Tax (Appeal), thus, the appeals of the assessee are allowed for statistical purposes only. - ITA Nos.231 to 235/Mum/2016 - - - Dated:- 5-12-2017 - Shri Joginder Singh, Judicial Member And Shri Manoj Kumar Aggarwal, Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e reproducing hereunder the relevant portion from the aforesaid order of the Tribunal dated 08/11/2016 for ready reference and analysis:- This appeal filed by the assessee on 14.1.2016 is against the order of the CIT (A)-53, Mumbai dated 24.9.2015 for the assessment year 2007-2008. 2. In this appeal, assessee raised seven grounds in toto and apart from other issues, they include certain legal issues viz correctness of the assessment order made u/s 143(3) r.w.s 153A of the Act and the decision of the AO on the applicability of the provisions of section 153A of the Act in the absence of any incriminating material. Assessee further argues in the grounds that this is the case of unabated assessment and the AO does not have free han ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8377; 6.6 lakhs (rounded off). Consequent to the search action conducted on Shri Rajesh G. Mehta, the director of M/.s Karma Industries Limited, in response to the notice u/s 153A of the Act, assessee filed the return of income declaring the increased total income of ₹ 33,65,021/-. On the fact of it, the assessment order does not indicate any incriminating material / evidence in any form for this increased total income. Assessee declared an amount of ₹ 28,12,544/- as short term capital gains ‟ and claimed benefit of the provisions of section 111A of the Act relating to the tax on short term capital gains ‟ suo moto in certain cases. AO never mentioned that the above additional income is attributable to any incrim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2.2. The facts, in brief, are that the assessee is a director in M/s Karma Industries Ltd. and was receiving remuneration and also income from other sources. For Assessment Year 2008-09, the assessee declared income of ₹ 74,91,670/- in his return filed on 20/04/2009. A search was carried out u/s 132 of the Income Tax Act, 1961 (hereinafter the Act) upon the assessee, therefore, notice u/s 153A of the Act was issued. The Ld. Assessing Officer while framing the assessment u/s 143(3) r.w.s 153A of the Act made certain additions/disallowances broadly with respect to treating the Short Term Capital Gains of ₹ 61,89,674/- as business income and charge the normal rate of tax. The Ld. Assessing Officer also made disallowance of dedu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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