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TMI Blog2021 (9) TMI 239X X X X Extracts X X X X X X X X Extracts X X X X ..... New Delhi-110092 were also found and seized from the Office Premises of Sh. Radhey Shyam Bansal, Address-308, S-524, Vikas Marg, Shakarpur, Delhi-110092 in whose name search warrant of authorization was issued. The case was centralized with Central Circle - 2, vide order under section 127, Dated 12.10.2011. Subsequently, assessee's case was centralized with Central Circle-14, New Delhi vide order Dated 16-09-2013. The satisfaction note in this regard was recorded. Accordingly, notice under section 153C r.w.s. 153A of the Income Tax Act was issued to the assessee on 20.01.2014. In response to the same, assessee stated that return declaring an income of Rs. 19,703/- filed on 31.01.2014 may be treated as return in response to notice issued under section 153C. Subsequently, the A.O. issued notice under sections 143(2) and 142(1) of the Income Tax Act, 1961 along with a questionnaire Dated 31.01.2014. 2.1. During the course of assessment proceedings, the A.O. noted that the assessee has received share capital of Rs. 82,59,000/-. He noted that most of the applicants are family members and relatives of Sh R.S. Bansal and other Directors. Summons were issued to them in parallel procee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law in rejecting the contention of the assessee that the order passed by the learned AO under Section 153C is bad and liable to be quashed as the same has been framed consequent to a search which itself was unlawful and invalid in the eye of law. 3. On the facts and circumstances of the case, the order passed by the A.O. u/s 153A read with Section 153C is bad in law and liable to be quashed on account of lack of jurisdiction, in view of provision of proviso to Section 153C(1) of the Act. 4. On the facts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law in rejecting the contention of the assessee the proceedings initiated under Section 153C are bad in law and without jurisdiction in the absence of any incriminating material belonging to the assessee being found during the course of the search. 5. On the facts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law in rejecting the contention of the assessee that the proceedings initiated under Section 153C and the assessment framed under Section 153C is bad and liable to be quashed in the absence of any satisfaction being recorded by the AO of the searched pers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disregard to the same has made addition of the same including the cancelled cheques. He submitted that additions have been sustained by the Ld. CIT(A) disregarding the explanation and nature given by the assessee for each transaction. He submitted that additions on account of Bank interest, dividend income and share application money received through banking channels have been made which amounts to double addition since these were already taxed. Further credits in the Bank account from Auto Sweep Account has also been added by the A.O. despite the fact that the Sweep Account is merely a credit in the Current/Savings Account out of the Fixed Deposit Account of the assessee. It is merely a contra entry. However, the lower authorities without understanding the same made the additions. He submitted that the primary evidence of proving the genuineness of the share application money received from relatives has been disregarded by the Ld. CIT(A) despite not drawing any adverse inference. He submitted that provisions of section 68 cannot be applied to such transactions since the amendment took place w.e.f. 01.04.2013. He accordingly submitted that in the interest of justice the matter may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Learned Counsel for the Assessee that although some part-relief has been granted by the Ld. CIT(A), however, all credits in the Bank account have been added including the credits in the Bank Account from Auto Sweep Account despite the fact that the Sweep Account is merely a credit in the Current/ Savings Account out of the Fixed Deposit Account of the assessee, disregarding the explanation given by the assessee. Further it is also his submission that additions on account of Bank interest, dividend income and share application money received through Banking channels have been made, which were already taxed and therefore the same amounts to double addition. It is also his submission that one more opportunity may be given to the assessee to explain each and every transaction to the satisfaction of the either of the lower authorities which are already on record. Considering the totality of the facts and circumstances of the case and in the interest of justice, we deem it proper to restore the issue to the file of A.O. with a direction to grant one more opportunity to the assessee to substantiate its case by filing the requisite details and explaining each and every transaction includi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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