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TMI Blog2021 (7) TMI 1222X X X X Extracts X X X X X X X X Extracts X X X X ..... arned Commissioner of Income Tax (Appeals)-279, New Delhi ("Ld. CIT(A)") in the case of Alchemist Capital Ltd. ("the assessee") for the assessment year 2009-10, the Revenue filed this appeal. 2. Brief facts of the case are that a search & seizure and survey operation u/s. 132/133A of the Income-tax Act ("the Act" for short) was conducted by the Investigation Wing of the department on 20.06.2014 i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and balance as on 31.03.2009 at Rs. 155,14,81,523/- as per balance sheet, and taking the average of both the figures at Rs. 156,54,10,699/-, computed the receivable interest amount at Rs. 3,54,35,130/- for the year. According to the Assessing Officer, the interest rate charged by the assessee on those advances comes to 2.26% per annum which shows that the assessee has deliberately received very no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t no incriminating material was recovered at the time of search & seizure or survey operation and therefore, no addition could be made qua the assessment year in respect of which such material was not recovered. Assessee further argued that assessment of this year was complete, as the period to issue notice u/s. 143(2) had expired. Ld. CIT(A) considered all these facts in the light of the decision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ese circumstances, we proceed to decide the appeal basing on the material available on record. 5. Learned DR relied on the order of Assessing Officer. 6. We have gone through the records in the light of submissions made by ld. DR. There is no dispute of the fact that the search & seizure operation in this case took place on 20.06.2014, by which date the time period to issue notice u/s. 143(2) fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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