9911796707
TMI Blog2021 (12) TMI 258X X X X Extracts X X X X X X X X Extracts X X X X ..... 11-12 (being the unabated assessment year). The law is now very well settled that unless there is incriminating material found during the course of search, an unabated assessment shall not be disturbed in the search assessment. Reliance in this regard is placed on the decision of the Hon ble Jurisdictional High Court in the case of Continental Warehousing Corporation [ 2015 (5) TMI 656 - BOMBAY HIGH COURT ] and on the decision in the case of Kabul Chawla [ 2015 (9) TMI 80 - DELHI HIGH COURT ] In view of the above, we are inclined to allow the additional ground raised by the assessee and direct the ld. AO to delete the disallowance made in respect of interest paid on loan from India Bulls Housing Finance Ltd., Accordingly, the additio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e course of assessment proceedings as well as during appellate proceedings. The appellant prays that the addition of ₹ 12,74,850/- be deleted. 2. The appellant craves leave to add, alter, amend or delete any of the above grounds of appeal. 4. The assessee has also filed the additional ground of appeal vide letter dated 25/11/2021 which is as under:- 1. The learned CIT (A) ought to have held that the disallowance made by the Assessing Officer of ₹ 12,74,850/- on account of disallowance of interest is bad in law since no incriminating material pertaining to the said disallowance was found during the course of search from the premises of assessee and the relevant assessment year is an unabated year. 2. The appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1) of the Act and as on the date of search on 21/07/2017, the time limit for issuance of notice u/s.143(2) of the Act for the A.Y.2011-12 in respect of original return filed, had admittedly expired. Hence, as on the date of search, the assessment for the A.Y.2011-12 becomes unabated assessment. The law is now very well settled that in respect of unabated assessment, the assessment completed earlier either u/s.143(1) or u/s.143(3) of the Act could be disturbed only if there is any incriminating material found during the course of search relatable to such assessment year. In the instant case, we find that in the assessment framed u/s.153A r.w.s. 143(3) of the Act, the ld. AO had sought to disallow the interest paid and processing charges on b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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