9911796707
TMI Blog2016 (2) TMI 1328X X X X Extracts X X X X X X X X Extracts X X X X ..... ined perusal of these two case files reveals that former appeal ITA No. 278/Rjt/2015 raises four substantive grounds inter alia in assailing the lower appellate order upholding validity of section 153A proceedings, treating loss under the head 'income from other sources' of Rs. 1,92,868/- as profits and gains from business and profession thereby disallowing setting off of the same u/s. 71(1), disallowance of interest expenses of Rs. 2,01,586/- u/s. 57 followed by that made u/s. 14A of Rs. 30,000/- by the Assessing Officer. The latter appeal raises identical grounds qua validity of section 153A proceedings, sections 57 and 14A disallowances of Rs. 20,000/- and Rs. 50,000/-; respectively. Both the ld. representatives submit at the outset th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... date of search. This leaves the assessee aggrieved. 5. We have heard both the parties. Relevant facts narrated in preceding paragraphs are not repeated for the sake of brevity. The assessee's arguments are in tune with those made in the lower appellate proceedings that his regular assessment stood completed well before search and the Assessing Officer ought not to have invoked section 153A in absence of any incriminating evidence. We find that he has also placed on record relevant panchnama drawn on 09-09-2011. The Revenue fails to rebut this factual position. In these circumstances, we find that a co-ordinate bench in ITAs 280/Rjt/2015 Shri Kirankumar Valjibhai Bhalodia vs. ACIT decided on 22- 01-2016 accepts identical arguments as under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the /Assessing Officer u/s. 147/148. Next decision is (2012) 346 ITR 106 (AP) Gopal Lal Bhadruka vs. DCIT that a Assessing Officer can take into consideration any material other than what was already available during search and seizure operation for the purpose of completing a search assessment. Then comes the decision of (2014) 362 ITR 664 (Kerala) Sunny Jacob Jewellers and Wedding Centre vs. DCIT propounding a proposition that there is no prohibition or embargo on the department to consider any information for assessment or reassessment contemplates u/s. 153A. The Revenue accordingly prays for rejection of the instant appeal. 7. Both parties heard. Relevant record perused. The assessee's first substantive argument seeks to quash the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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