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TMI Blog2013 (8) TMI 1084X X X X Extracts X X X X X X X X Extracts X X X X ..... ds of ITA No. 2675(Assessment Year 2001-02) "1. Whether on the facts and in the circumstances of the case, the Ld. CIT (A) has erred in law and in facts in deleting the addition of ₹ 5,00,000/- made by the Assessing Officer on account of unexplained cash credit by holding that the same was not based on any document/ material found during the search? 2. Whether on the facts and in the circumstances of the case, the Ld. CIT (A) has erred in law and in facts in deleting the addition of ₹ 5,00,000/- made by the Assessing Officer on account of disallowance of interest paid on unsecured loan by holding that the same was not based on any document/ material found during the search. 3. Whether on the facts and in the circumstances of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Ld. CIT (A) has erred in interpreting section 153A of the I.T. Act? 4. Whether on the facts and in the circumstances of the case, the Ld. CIT (A) has erred in placing reliance on second proviso to section 153A(1) ignoring the main section and the first proviso. 5. Whether on the facts and in the circumstances of the case, the Ld. CIT (A) has erred in law in not following the Circular No.7 of 2003 dated 05.09.2003 issued by the CBDT. 6. Whether on the facts and in the circumstances of the case, the Ld. CIT (A) has erred in law by not appreciating the fact that there is no precondition that documents pertaining to each of the assessment year falling under the provisions of section 153C/153A should be found ? " 2. Briefly stated to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (A) in both the appeals read as under: "Adverting back to the facts of the case, it is observed that during the search not a single piece of evidence was found which depicts that any income which has been earned by the appellant has not been disclosed. There is no reference to any material so found while computing the income u/s 153A of the Act. Merely because search is conducted, the assessment which has become final cannot be re-agitated on a difference of opinion. As per the first proviso to section 153A, though the Assessing Officer can assess or reassess total income of six assessment years immediately preceding the assessment year relevant to the previous year in which such search is conducted, as per second proviso, the original as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... und that no material was found and seized in consequence to search operation carried out upon the assessee on 01.06.2006. The CIT (A) has also considered the issue of abatement of pending assessments, which were pending on the date of search that was on 01.06.2006. The CIT (A) has also relied on the Circular No. 7 of 2003 dated 15.09.2003. Further the CIT (A) has also considered the fact that no original assessment pertaining to the assessment year under consideration in these appeals were pending on the date of search and CI T(A) held that no proceedings were abated as per second proviso to section 153A of the Act. 7. From the impugned order, we also observe that the CIT (A) also noted that nothing was found and seized during the search a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ner and setting forth such other particulars as may be prescribed and the provisions of this Act shall, so far as may be, apply accordingly as if such return were a return required to be furnished u/s 139; (ii) assesse or reassess the total income of six assessment years immediately preceding the assessment year relevant to the previous year in which such search is conducted or requisition is made: Provided that the Assessing Officer shall assess or reassess the total income in respect of each assessment year falling within such six assessment years referred to in this (sub-section) pending on the date of initiation of the search u/s 132 or making of requisition u/s 132A, as the case may be, shall abate:" 9. As per statutory scheme and p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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