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TMI Blog2019 (7) TMI 1393X X X X Extracts X X X X X X X X Extracts X X X X ..... s further held that documents seized had to establish a co-relation documents wise with the assessment years for which the addition was sought to be made. The requirement that the incriminating material to have the co-relation to the particular addition sought to be made is a logic that will hold good not only for Section 153C but in relation to Section 153A of the Act as well. Consequently, this Court does not find any error having been committed by the ITAT in accepting the plea of the Assessee that there is no incriminating document which was seized in the course of search relating to the addition sought to be made on account of the share capital. Therefore, the jurisdictional requirement of Section 153 A of the Act was not satisfied. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Assessee had not established the genuineness, identity and creditworthiness of the three entities from whom it had received share premium in the sum of ₹ 3.00 crore, ₹ 35 lakhs and ₹ 2.65 crores during the AY in consideration. In the assessment order dated 31st March, 2014 under Section 143 (3) read with Section 153A of the Act, the AO made an addition of ₹ 3.00 crores to the income of the Assessee disbelieving the contentions of the Assessee. 5. The appeal by the Assessee was allowed by the Commissioner of Income Tax (Appeals) [CIT (A)] by an order dated 21st May, 2015. The CIT (A) once again examined the documents produced by the Assessee and came to the conclusion that in the assessment framed earlier u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t disputing that in respect of the share capital no incriminating documents were found in the search proceedings. The Court s attention has been drawn to the decision of the Supreme Court in CIT v. Singhad Technical Education Society (2017) 397 ITR 344 (SC) where in the context of Section 153C of the Act it was held that the incriminating material which was seized had to pertain to the AY in question. It is further held that documents seized had to establish a co-relation documents wise with the assessment years for which the addition was sought to be made. 10. The requirement that the incriminating material to have the co-relation to the particular addition sought to be made is a logic that will hold good not only for Section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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