9911796707
TMI Blog2019 (3) TMI 628X X X X Extracts X X X X X X X X Extracts X X X X ..... his case, admittedly, the document was relating to assessment year 2009-10 while the assessment reopened is for 2010-11. Therefore, the requirement that the document should relate to the assessment year sought to be reopened is not fulfilled. Moreover, how the audited balance sheet and financial statements of the assessee are incriminating material has also not been proved. In view of the above, we are of the opinion that on the facts of the assessee’s case, the case of INDEX SECURITIES PRIVATE LIMITED, VIDYA SHANKAR INVESTMENT PRIVATE LIMITED [2017 (9) TMI 585 - DELHI HIGH COURT] would be squarely applicable. Respectfully following the same, we quash the initiation of proceedings u/s 153C - Decided in favour of assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... es Private Limited vide ITA No.566 to 571/2017. He stated that the other companies are the group companies of this group and the cases were reopened under Section 153C on the basis of material found and seized during the course of search of M/s Jagat Agro Commodities Pvt.Ltd. The same seized material was considered by the Hon'ble High Court which is considered here in this appeal before us for initiation of proceedings under Section 153C. He referred to paragraph 8 onwards of the order of learned CIT(A) and pointed out that learned CIT(A) has recorded the finding that the notice under Section 153C was initiated on the basis of audited balance sheet as on 31st March, 2009 of the assessee being found with M/s Jagat Agro Commodities Pvt.Ltd. H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded by the Assessing Officer of M/s Jagat Projects Ltd. The same is reproduced for ready reference :- "10.2 As per the satisfaction note recorded by the Assessing Officer, proceedings u/s 153C was taken on the basis of the document found and seized i.e. audit report and financial accounts for the year ended on 31.03.2009 from the searched premises of Jagat group, specifically from the premises of M/s Jagat Agro Commodities Pvt.Ltd. and M/s Jagat Projects Ltd. on 14.09.2010. I have called for the assessment folders in the case of M/s Jagat Commodities Pvt.Ltd. and M/s Jagat Projects Ltd., relevant to the assessment year 2011-12, the financial year in which the search took place and perused them. In the file of M/s Jagat Projects Ltd., the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent case, the documents seized were the trial balance and balance sheets of the two Assessees for the period 1st April to 13th September 2010 (for ISRPL) and 1st April to 4th September 2010 (for VSIPL). Both sets of documents were seized not from the respective Assessees but from the searched person i.e. Jagat Agro Commodities (P) Ltd. In other words, although the said documents might 'pertain' to the Assessees, they did not belong to them. Therefore, one essential jurisdictional requirement to justify the assumption of jurisdiction under Section 153 C of the Act was not met in the case of the two Assessees. 31. As regards the second jurisdictional requirement viz., that the seized documents must be incriminating and must relate t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
