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TMI Blog2018 (5) TMI 1092X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the search. Tribunal's findings and conclusions for the earlier years concerning the assessments under section 153A were independent and severable from the exercise undertaken by the AO for the current assessment year 2010-2011 during the course of scrutiny assessment under section 143(3). AO had come to independent findings which were confirmed by CIT(Appeals). The Tribunal had not disturbed these findings. Deletion of disallowance of interest was therefore, not correct. - Decided in favour of revenue - Tax Appeal No. 470 of 2017 - - - Dated:- 12-3-2018 - MR. AKIL KURESHI AND MR. B. N. KARIA, JJ. For The Petitioner : Mr KM Parikh (575) And Mr.Varun K.Patel (3802) For The Respondent : Umaidsingh Bhati(7973) ORAL ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d therefore, interest expenditure cannot be recognised. 4. We may record that the assessee was subjected to search operation which gave rise to the assessment proceedings under section 153A of the Act for the assessment years 2007-2008, 2008-2009 and 200-92010. The assessment year 2010-2011 i.e the present one was outside of the purview of such proceedings. It was during the assessments for the said assessment years 2007-2008, 2008-2009 and 2009-2010 under section 153A of the Act that the Assessing Officer had the occasion to consider the nature of loan transaction. The Assessing Officer was of the opinion that such transaction was not genuine, a view the Commissioner (Appeals) confirmed. However, when the issue was carried in appeal bef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w, cannot be asked to prove the source of the source. 8. We find that the assessments for the assessment years i.e 2007-2008, 2008-2009 and 2009-2010 under section 153A of the Act would have entirely different purport and sweep. The Tribunal was justified in deleting the additions in those years which are not based on materials found during the search. Had the addition in the present year, which was outside of the assessment under section 153A of the Act, made by the Assessing Officer on the same basis, the Tribunal was perhaps right in deleting such additions also. However, the Assessing Officer in the present year had examined the nature of loan transaction and come to definite finding that the same was not genuine. CIT(Appeals) reexam ..... X X X X Extracts X X X X X X X X Extracts X X X X
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