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TMI Blog2023 (4) TMI 942X X X X Extracts X X X X X X X X Extracts X X X X ..... ded his jurisdiction in examining the issue of bank FDR intt. of Rs.71,998/since A.Y. 16-17 is unabated year and no incriminating material found and seized during search relating to this issue. 2. That in law as well as on merits, the bank FDR intt. of Rs.69,692/- (71,998 - 2306) which relates to last 03 quarters of F.Y.2015-16 i.e. from 01.07.15 to 31.03.16, since accrued and also majorly relates to the period subsequent to the dissolution of assessee partnership firm on 06.05.15, therefore, under no circumstance it can be assessed in the hands of assessee firm. 2.1 That the Ld. CIT erred on facts in holding that dissolution deed was not filed before A.O. while it was duly filed during asstt. vide letter Dtd.23.04.21 and the said let ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h the facts of the case and the submission made by the appellant. There is no evidence available as to whether the dissolution of firm was made known to the Assessing Officer. Further the appellant did not file the said dissolution deed before the department after the dissolution for deactivation of PAN. The fixed deposit in the bank continued to be in the name of firm and the interest income was received and utilised by the appellant only. There is no evidence with the Department to conclusively prove that the firm was dissolved on 06.09.2015. The genuineness of the dissolution deed submitted during the appellate proceedings is not proved beyond doubt as the same was neither submitted before the Department or the Assessing Officer immediat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the records. It is not in dispute that Form 26AS reflects the receipt of interest of Rs. 92,753/- by the assessee firm from ING Vysya Bank Ltd. on which the bank has deducted tax at source. It shows that the bank has credited the entire amount of interest of the year in the account of the assessee partnership firm in whose name the accounts stand in the books of the bank. The Ld. CIT(A) has recorded a finding of fact that the fixed deposit in the bank continued in the name of the firm and interest income was received for the entire previous year and utilised by the firm. This finding has not been controverted by the Ld. AR before us. Moreover, section 189 of the Act mandates that where a firm is dissolved the AO shall make an assessment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt in the decision (supra) and recorded his conclusion in para 4.5.8 as under:- "4.5.8 This is a case where the return of income was not filed by the appellant for the AY under consideration. Since no return has been filed the entire income shall be regarded as undisclosed income. Consequently, in my considered opinion, the AO would have the authority/jurisdiction to assess the entire income similar to jurisdiction in regular assessment u/s 143(3). Therefore, there will be no requirement to restrict to documents found during the course of search. The assessment year 2016-17 would therefore not be an unabated assessment as no return was filed for AY 2016-17. Accordingly, Ground No. 5 of the appeal is dismissed." 10.1 Being aggrieved the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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