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TMI Blog2016 (10) TMI 1316X X X X Extracts X X X X X X X X Extracts X X X X ..... he impugned share application money. There is no need to interfere with the order of the CIT(A). The present case is also squarely covered by the judgment of the Hon ble Delhi High Court in case of Kabul Chawla [ 2015 (9) TMI 80 - DELHI HIGH COURT]. - Decided in favour of assessee. - I.T.A .No.-966/DEL/2012 - - - Dated:- 20-10-2016 - Shri G. D. Agrawal, Vice President And Smt Suchitra Kamble, Judicial Member Appellant by: Sh. Ravi Jain, CIT DR Respondent by: Sh. Salil Kapoor, Adv Ms. Arinita Kapoor, Adv. ORDER Suchitra Kamble, JM This appeal is filed by the Revenue against the order dated 8/12/2011 passed by CIT(A)-III, New Delhi. 2. The grounds of appeal are as follows:- 1. On the facts and in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the course of search at the appellants premises nothing incriminating was found reference to the impugned share application money. Thus for this reason too, the addition made ₹ 2,00,00,000/- is liable to be deleted. In a result the appeal is allowed. 5. The Ld. AR at the time of hearing submitted that the present case is squarely covered by CIT Vs. Kabul Chawla 380 ITR 573. The Hon ble High Court held in para 37 as under: On a conspectus of Section 153A(1) of the Act, read with the provisos thereto, and in the light of the law explained in the aforementioned decisions, the legal position that emerges is as under: (i) Once a search takes place under Section 132 of the Act, notice under Section 153 A (1) will have to be ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (i.e. those pending on the date of search) and the word reassess to completed assessment proceedings. (vi) Insofar as pending assessments are concerned, the jurisdiction to make the original assessment and the assessment under Section 153A merges into one. Only one assessment shall be made separately for each AY on the basis of the findings of the search and any other material existing or brought on the record of the AO. (vii) Completed assessments can be interfered with by the AO while making the assessment under Section 153 A only on the basis of some incriminating material unearthed during the course of search or requisition of documents or undisclosed income or property discovered in the course of search which were not produced ..... X X X X Extracts X X X X X X X X Extracts X X X X
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