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TMI Blog2018 (6) TMI 1818X X X X Extracts X X X X X X X X Extracts X X X X ..... umstances of the case, the CIT(A) has erred in law and on facts in annulling the assessment by holding that no document was seized during the search pertaining to this Assessment Year? 2. Whether on the facts and in the circumstances of the case, the CIT(A) has erred in law in not following the Circular No. 7 of 2003 dated 05-09-2003 issued by the CBDT. 3. Whether on the facts and in the circumstances of the case, the CIT(A) has erred in law by not appreciating the fact that there is no precondition that documents pertaining to each of the assessment year falling under the provisions of Section 153C/ 153A should be found? 4. Whether on the facts and in the circumstances of the case, the CIT(A) has erred in law by admitting additional ground of the assessee without giving an opportunity to the AO? 5. The order of the CIT(A) is perverse and not tenable in law and on facts. 3. Brief facts of the case is that assessee is a company who filed its return of income under section 139 (1) of the income tax act declaring total income of Rs. 27,04,392/- as agricultural income on 30/11/2000. Subsequently notice under section 148 of the income tax act on 27/1/2003 was issued and co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the additional ground. Even otherwise, the revenue did not submit the decisions relied upon by them. 8. The Ld. authorized representative vehemently objected the additional ground of the revenue. 9. We have carefully considered the additional ground raised by the Ld. AO. We find that Ld. assessing officer wants us to consider the above decision while deciding the appeal of the AO. We have also read the decision relied upon by the revenue. The Hon'ble Punjab and Haryana High Court rendered the above decision with respect to various schemes of deposits operated by the company. It dealt with the facts that after the commencement of business, assessee claims to be subject to regulation, under the provisions of the Companies Act, 1956, under the Department of Company Affairs, the Company Law Board, and the Registrar of Companies. PGFL has its registered office at S.C.O. No. 1042-43, Sector 22-B, Chandigarh, and its Head Office at 2nd Floor, Vaishali Building, Community Centre, Paschim Vihar, New Delhi. So far the activities of assessee are concerned, the same have been depicted in a communication addressed by the assessee to the Securities and Exchange Board of India where in it is s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder section 153A(1) will have to be mandatorily issued to the person searched requiring him to file returns for six assessment years immediately preceding the previous year relevant to the assessment year in which the search takes place. (ii) Assessments and reassessments pending on the date of the search shall abate. The total income for such assessment years will have to be computed by the Assessing Officers as a fresh exercise. (iii) The Assessing Officer will exercise normal assessment powers in respect of the six years previous to the relevant assessment year in which the search takes place. The Assessing Officer has the power to assess and reassess the "total income" of the aforementioned six years in separate assessment orders for each of the six years. In other words, there will be only one assessment order in respect of each of the six assessment years "in which both the disclosed and the undisclosed income would be brought to tax". (iv) Although section 153A does not say that additions should be strictly made on the basis of evidence found in the course of the search, or other post-search material or information available with the Assessing Officer which can be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stances of the case, the CIT(A) has erred in law and on facts in annulling the assessment by holding that no document was seized during the search pertaining to this Assessment Year? 2. Whether on the facts and in the circumstances of the case, the CIT(A) has erred in law in not following the Circular No. 7 of 2003 dated 05-09-2003 issued by the CBDT. 3. Whether on the facts and in the circumstances of the case, the CIT(A) has erred in law by not appreciating the fact that there is no precondition that documents pertaining to each of the assessment year falling under the provisions of Section 153C/ 153A should be found? 4. Whether on the facts and in the circumstances of the case, the CIT(A) has erred in law by admitting additional ground of the assessee without giving an opportunity to the AO? 5. The order of the CIT(A) is perverse and not tenable in law and on facts. 15. Similar grounds were raised by the Ld. assessing officer in appeal for assessment year 2002 - 03 in ITA No. 2133/del/2010 and ITA No. 134/del/2010 for assessment year 2003 - 04. 16. Both the parties confirm before us that there is no change in the facts and circumstances of the case for all the 4 y ..... X X X X Extracts X X X X X X X X Extracts X X X X
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