9911796707
TMI Blog2019 (7) TMI 1981X X X X Extracts X X X X X X X X Extracts X X X X ..... criminating material was seized in respect of addition which has been done. It is clear that search was conducted and assessment year involved A.Y. 2010-11 was not abated assessment. Hence on the touchstone in the case of Continental Warehousing Corporation [ 2015 (5) TMI 656 - BOMBAY HIGH COURT] no addition was permissible dehorse incriminating material found. Since no incriminating material ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d with section 153C of the Act. The income returned was for Rs. 3,92,662/- and no addition was done. Learned CIT(A) has taken note thereof and has also noted that no addition was done in this regard. Hence, he has treated grievance of the assessee to be infructuous. I find myself fully in agreement with the above. Since no addition was done by the Assessing Officer, this appeal by the assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. There is no whisper in the assessment order that any incriminating material was seized in respect of addition which has been done. It is clear that search was conducted on 27.10.2014 and assessment year involved A.Y. 2010-11 was not abated assessment. Hence on the touchstone of Hon'ble Jurisdictional High Court decision in the case of Continental Warehousing Corporation (374 ITR 645), no ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot be taxed as your income. The assessee vide his letter dated 23/11/2016 confirmed to consider commission income in his computation of income. The commission income offered was not disclosed in the return of income therefore the same is taxed as undisclosed income of the assessee. Penalty proceedings u/s. 271(1)(c) Of the Act are initiated separately for furnishing inaccurate particulars of incom ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
