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TMI Blog2016 (7) TMI 1589X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment year, no incriminating material is found, no addition or disallowance can be made in relation to that assessment year in exercise of powers u/s 153A and the earlier assessment shall have to be reiterated. As rightly pointed out by controversy involved in the present case stands concluded by the decision of this court in the case of CIT-1 v. Jayaben Ratilal Sorathia [ 2013 (7) TMI 850 - GUJARAT HIGH COURT ] wherein it has been held that while it cannot be disputed that considering section 153A AO can reopen and/or assess the return with respect to six preceding years; however, there must be some incriminating material available with the AO with respect to the sale transactions in the particular assessment year. - Decided in favour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he notice came to be issued under section 153A of the Act, the assessee filed its return of income. Much later, at the fag end of the period within which the order under section 153A of the Act was to be made, in other words, when the limit for framing the assessment as provided under section 153 was about to expire, the notice has been issued in the present case seeking to make the proposed addition of ₹ 11,05,51,000/- on the basis of the material which was not found during the course of search, but on the basis of a statement of another person. In the opinion of this court, in a case like the present one, where an assessment has been framed earlier and no assessment or reassessment was pending on the date of initiation of search und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is in complete agreement with the view adopted by the Rajasthan High Court in the case of Jai Steel (India), Jodhpur v. Assistant Commissioner of Income Tax (supra). Besides, as rightly pointed out by the learned counsel for the respondent, the controversy involved in the present case stands concluded by the decision of this court in the case of Commissioner of Income-tax-1 v. Jayaben Ratilal Sorathia (supra) wherein it has been held that while it cannot be disputed that considering section 153A of the Act, the Assessing Officer can reopen and/or assess the return with respect to six preceding years; however, there must be some incriminating material available with the Assessing Officer with respect to the sale transactions in the particul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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