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TMI Blog2023 (8) TMI 1339X X X X Extracts X X X X X X X X Extracts X X X X ..... T(A) - 26, New Delhi dated 07.02.2020 pertaining to A.Ys 2012-13 to 2016-17. 2. ITA No. 679/DEL/2021 to ITA No. 683/DEL/2021 are appeals of M/s Startle Constructions Pvt Ltd preferred against the order of the ld. CIT(A) - 26, New Delhi dated 07.02.2020 pertaining to A.Ys 2012-13 to 2016-17. 3. ITA No. 688/DEL/2021 to ITA No. 692/DEL/2021 are appeals of Tyagi Portfolio Management Pvt. Ltd preferred against the order of the ld. CIT(A) - 26, New Delhi dated 07.02.2020 pertaining to A.Ys 2012-13 to 2016-17. 4. ITA No. 693/DEL/2021 to ITA No. 697/DEL/2021 are appeals of Jaguar Equity Ltd preferred against the order of the ld. CIT(A) - 26, New Delhi dated 07.02.2020 pertaining to A.Ys 2012-13 to 2016-17. 5. Representatives of both the sides a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to beneficiaries. Various incriminating papers/documents were found and seized during the course of search and seizure operation in the group case and statements were recorded during the course of search and seizure operation and on subsequent dates, confirmed the belief of the department that the group was involved in providing accommodation entries. 11. During the course of search and seizure operations, incriminating papers/documents were found related to the captioned assessees and on the basis of such impounded material, satisfaction note was drawn on 23.03.2018 in the case of searched person and the other person [captioned assessee] u/s 153C of the Act. Satisfaction Note in the case of the "Other Person" i.e. the assessee reads as u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d was legally unsustainable. 17. It would be pertinent to understand the scheme of assessment u/s 153C of the Act. Relevant provisions of the Act read as under: "Notwithstanding anything contained in section 139, section 147, section 148, section 149, section 151 and section 153, where the Assessing Officer is satisfied that> (a) any money, bullion jewellery or other valuable article or thing, seized or requisitioned, belongs to or (b) any books of account or documents, seized or requisitioned, pertains or pertain to, or any information contained therein, relates to 'a person other than the person referred to in section 153A, then, the books of account or documents or assets, seized or requisitioned shall be handed over to the As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which search is conducted or requisition is made and for the relevant assessment year ar years as referred to in sub-section (1) of section 153A except in cases where any assessment or reassessment has abated. (2) Where books of account or documents or assets seized or requisitioned as referred to in sub-section (1) has or have been received by the Assessing Officer having jurisdiction over such other person after the due date for furnishing the return of income for the assessment year relevant to the previous year in which search is conducted under section 132 or requisition is made under section 132A and in respect of such assessment year- (a) no return of income has been furnished by such other person and no notice under sub-section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer is satisfied that any money, bullion, jewellery or other valuable article or thing or books of account or documents seized or requisitioned belong to any person, other than the person referred to in section 153A of the said Act, then the books of account or documents or assets seized or requisitioned shall be handed over to the Assessing Officer having jurisdiction over such other person and that Assessing Officer shall proceed against each such other person and issue such other person notice and assessee or reassess income of such other person in accordance with the provisions of section 153A of the Income-tax Act. Page 50 of 59. 45.2 Section 153C of the Income-tax Act has been amended to provide that notwithstanding anything contain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the captioned assessees. 20. In light of the decision of the Hon'ble Supreme Court [supra] we are of the considered view that the additions/disallowance, devoid of any incriminating material found during the course of search, cannot validate the assessment orders framed u/s 153C of the Act. 21. The ld. DR relied upon certain judicial decisions in his Synopsis, which in our opinion, are not relevant on the facts of the case in hand. The decision of the Hon'ble Supreme Court in 1991 SCR 627 is on prima facie belief does not condition the final outcome and the Assessing Officer is not bound by the reasons recorded. This judgment is on the reopening of the assessment by issue of notice u/s 148 of the Act. 22. The question before ..... X X X X Extracts X X X X X X X X Extracts X X X X
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