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TMI Blog2020 (10) TMI 283X X X X Extracts X X X X X X X X Extracts X X X X ..... t the assessee filed their returns of income for the assessment years 2010-11 and 2011-12 on 30/9/2010 and 28/9/2011 respectively and the same was processed under section 143(1) of the Income Tax Act, 1961 (for short "the Act"). Subsequently the investigation wing of the Department conducted search and seizure operations under section 132 of the Act in Sharp Group of cases on 20/1/2014, and according to the Revenue the assessee's business premises was also covered under section 132 (1) of the Act, pursuant to which notice under section 143(2) of the Act and 143(1) of the Act were issued. 3. In respect of the assessment year 2010-11 the learned Assessing Officer made two additions, namely, Rs. 91,87,000/- on account of cash deposited in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of no incriminating material so as to attract the ratio of the decision in Kabul Chawla (supra). She also placed reliance on several decisions in support of her argument that there is no condition in section 153A of the Act that additions should strictly be made on the basis of evidence found in the course of search or other post search material or information available with learned Assessing Officer which can be related to evidence found. 6. Per contra, it is the submission on behalf of the assessee that in this matter the assessee filed their returns of income for the assessment years 2010-11 and 2011-12 on 30/9/2010 and 28/9/2011 respectively, the time to issue notice under section 143(2) of the Act expired long prior to the date of se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ges 1 to 23) and delivery Chalan book (pages 1 to 94). On a perusal of this material be found that there is nothing incriminating against the assessee. 9. The statement of one Mr. Sudesh Bansal, son of Chiranji Lal Bansal, however, shows that he was asked to explain the difference in cash found and cash as per the book and also to state how much stock and cash of M/s RBRL Agro commodities Ltd is as per books as on that day. While answering the question with reference to the cashbook as on 16/1/2014 and deposit in bank as on 17/1/2014 and 18/1/2014, he provided the copy of bank account. With reference to this Ld. AR submitted that the entries in the cashbook as well as the bank statement related to these dates do not pertain to the years un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to make an addition under this section. This aspect missed the attention of the Ld. CIT(A). Since such statements are produced before us in the paper book vide Annexure A-5, we are of the considered opinion that it requires consideration before reaching a conclusion as to whether or not there is any incriminating material in this case. Since the Ld. CIT(A) did not advert to this aspect at all in the impugned orders and no finding is returned as to the impact of these bank statements on the fact in issue, we are of the considered opinion that an error had crept in, in the order of the learned Ld. CIT(A). 12. With this view of the matter, we set aside the impugned orders and remand issue to the file of the Ld. CIT(A) to consider the bank st ..... X X X X Extracts X X X X X X X X Extracts X X X X
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