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TMI Blog2022 (9) TMI 1331X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Society [ 2017 (8) TMI 1298 - SUPREME COURT] has held that seized material can be considered to be incriminating in terms of Section 153C of the Act only if the said material pertains to the AY in question. This Court is of the view that the recovery of the annual report and the share certificate of the Petitioner from premises of Minda Group cannot be considered to be incriminating documents. After all, the Minda Group was not a third party but the issuing authority of the share certificates. In fact, both the appellate authorities below have given a concurrent finding that no incriminating material had been brought on record by the AO to sustain the additions on merit. Also, the genuineness of the share capital has been accept ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d premium allotted to investor companies were found at the premises of issuing company itself instead of investor company's premises evidencing, that, the investor companies were bogus/accommodation entry providing entities. 3. He emphasises that in the present cases, there is a live link between the additions in question and the incriminating material. 4. Per contra, learned senior counsel for the Respondent, who appears on advance notice, states that in the present case the alleged incriminating materials do not pertain to the assessment years in question. In support of his contention, he relies on the satisfaction note dated 29th January, 2016 which reads as under:- Satisfaction Note for issue of notice u/s 153C of the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... JAY USHIN LTD. GP-14, Sector 18, Gurgaon 70-71 Extract of annual return of M/s. Panchmukhi Management Services Pvt. Ltd. (period not known) M/s. Panchmukhi Management Services Pvt. Ltd. K4/PMEC 3 Rajesh Shiv Associates, M/s. Panchmukhi Management Services Pvt. Ltd., M/s Electricals electronics (I) Ltd., M/s. Manish Merchants Pvt.. Ltd., M.s Consortium Vyapaar Pvt. Ltd., Business Communication Centre, 21 Parsi Charch Street, Opp.18 Erza Street, Kolkata-12 1-75 Bank account details from 1.04.2005 to 31.03.2008 M/s. Panchmukhi Management Services Pvt. Ltd. 2007-08 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat no document pertaining to Assessment Year 2011-12 was seized during search. The Supreme Court in Commissioner of Income Tax-III, Pune Vs. Sinhgad Technical Education Society reported in [2017] 397 ITR 344 has held that seized material can be considered to be incriminating in terms of Section 153C of the Act only if the said material pertains to the Assesssment Years in question. 8. With respect to Assessment Years 2010-11 2012-13, this Court is of the view that the recovery of the annual report and the share certificate of the Petitioner from premises of Minda Group cannot be considered to be incriminating documents. After all, the Minda Group was not a third party but the issuing authority of the share certificates. In fact, b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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