2023 (8) TMI 1259

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..... ial found at the time of search the assessment order deserves to be quashed. Since the assessment order has been quashed we do not find any merit in any claim of the assessee and we also do not find it necessary to dwell into the merits of the claim.
Sh. N. K. Billaiya, Accountant Member And Sh.Kul Bharat, Judicial Member For the Appellant : Sh. Rohit Jain, Advocate, Ms. Shivangi Jain, CA For the Respondent : Ms. Sapna Bhatia, CIT DR ORDER PER N. K. BILLAIYA, AM: This appeal by the assessee is preferred against the order of the CIT(A)-30, New Delhi dated 20.05.2016 pertaining to A.Y.2006-07. 2. The substantive grievance of the assessee read as under :- 1. That the Commissioner of Income Tax (Appeals) ['CIT(A)'] erred on facts and .....

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..... search conducted in the case of appellant and therefore, bad in law. Without prejudice 2.1 That the CIT(A) erred on facts and in law in not appreciating that above disallowance was computed in a routine manner, without recording any finding/ satisfaction as to why the claim made by the appellant, that no expenditure was incurred to earn exempt income, was incorrect. 2.2 That the CIT(A) erred on facts and in law in not appreciating that disallowance computed under section 14A of the Act was incorrect inasmuch as the entire amount of investments was considered by the assessing officer including those investments on which no exempt income was earned by the appellant during the year under consideration. 2.3 That the CIT(A) further erre .....

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..... . The assessment was challenged before the CIT(A) and an additional claim was made which read as under :- "That on the facts and circumstances of the case and in law, sales tax subsidy/ incentive amounting to Rs. 22.63 crores availed under the Package Scheme of Incentives (Maharashtra), 1993 ought to be treated as capital receipt not liable to tax under the provisions of Income Tax Act, 1961". 7. This additional ground was dismissed by the CIT(A) as the same was not claimed before the AO. 8. Before us the Counsel for the assessee vehemently justified the claim. As mentioned elsewhere a search and seizure operation was conducted on 14.11.2011 and, therefore, the impugned assessment year is unabated assessment year and, therefore, such un .....

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