9911796707
TMI Blog2021 (10) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... ces of the case the Learned CIT(A) has erred in confirmation the trading addition of Rs. 73,70,671/- on account of difference of stock without bringing any material on record on the basis of statement of third person u/s 132(4) of the Income Tax Act, 1961 which has no evidentiary value. 3. Under the facts and Circumstances of the case the Learned CIT(A) has erred in not considering the submission of the assessee that there was no difference in stock and it was only misunderstanding as the books were not complete at the time of search. 4. That the assessee craves your indulgence to add, amend or alter all or any grounds of appeal before or at the time of hearing." 2. Ground No.1 raised by the assessee is against the legality of asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng that no objection regarding assessment being framed u/s 153A of the Act was taken at the stage of assessment. 5. Aggrieved against this, the assessee is in appeal before this Tribunal. 6. At the outset, Ld. Counsel for the assessee submitted that the assessment order is ex facie, legal and nonest. He submitted that in this case, no search action was carried out. He submitted that the stand of the Revenue is self-contradictory and against the facts that the assessment as framed u/s 143(3) of the Act. He submitted that the entire assessment order speaks about search and provision of sections 153A and 153D of the Act. Even the penalty proceedings are evitable u/s 271AAA of the Act. 7. On the contrary, Ld.CIT DR, Sh. Satpal Gulati vehemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. Therefore, for the sake of effective adjudication, the relevant contents of impugned assessment order are reproduced as under:- "A search & seizure operation was conducted in this case n 15.09.2009. The case was centralized vide order under section 127 of Income Tax Act which was passed by Ld. Commissioner of Income Tax. Jaipur - II, Jaipur dated 02.11.2011. Notice u/s 143(2)/142(1) of Income Tax Act was issued. Return of income was e-filed on 14.10.2010 declaring income of Rs. 1,58,460/-. Notice under section 142(1) along with questionnaire was also issued. In response on behalf of Assessee Shri Subhash Gupta. father in law and holder of power of attorney attended from time to time and filed the details, which are place on record and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... para 2 : Rs. 73,70,671/- Total taxable income : Rs. 75,29,131/- or Rs. 75,29,130/- Assessed. Issued demand notice and challan. Give credit to prepaid taxes. Charge interest accordingly. Penalty proceedings under section 271AAA of Income Tax Act is being initiated separately. I am satisfied that this is a fit case for initiation of penalty under section 271AAA of income Tax Act. This order is passed with the prior approval of Addl.CIT, Central Range, Meerut with in the meaning of section 153D of Income Tax Act vide F.No.Addl.CIT/CR/MRT/S&S/153D2011-12/681 dated 29th Dec, 2011." 10. From the assessment order, it is clear that same has been framed u/s 153A r.w.s 143(3) of the Act. It is also evident from the assessment order t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be invalid or shall be deemed to be invalid merely by reason of any mistake, defect or omission in such return of income, assessment, notice, summons or other proceeding if such return of income, assessment, notice, summons or other proceeding is in substance and effect in conformity with or according to the intent and purpose of this Act." 12. Looking to the assessment order, the Assessing Officer has consciously made assessment u/s 153A of the Act and on the basis of alleged statement recorded during the search. Therefore, it cannot be construed that recordings of such facts is by mistake. Therefore, the impugned assessment order do not satisfy the test of law, the same deserves to be quashed. We, therefore, hereby quash the impugned as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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