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TMI Blog2023 (10) TMI 554X X X X Extracts X X X X X X X X Extracts X X X X ..... Year 2010-11. 2. The grounds of Appeal of the Revenue are as under:- "1. The order of Ld. CIT(A) is not correct in law and facts. 2. On the facts and circumstances of the case, the Ld. CIT(A) has erred in law in quashing the order passed by the Assessing Officer by treating the assumption of jurisdiction u/s 153C bad in law by relying on the ratio of judgment of the Hon'ble High Court in the case of M/s Pepsi Foods (P) Ltd. (supra) and M/s PepsiCo India Holdings Pvt. Ltd. (Supra). 3. On the fact and circumstances of the case the Ld. CIT(A) has erred in law in deciding the case without going into merits of the case." Grounds of Cross Objection of the Assessee are as under:- 1. That in the absence of challenge by the revenue in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing document in his possession pointing out to the payment by the assessee of any consideration over and above the consideration recorded in books of accounts though the revenue had even searched all the premises of the assessee and in the absence of any direct incriminating material, any addition merely on the basis of fair market value hypothetically calculated by the assessing officer is illegal, unjustified and therefore, ought to be deleted. 6. That, on the facts and circumstances of the case, the addition of Rs. 1,10,00,000/- u/s 68 in respect of unexplained cash credits being alleged accommodation entries is illegal and unjustified and, therefore, ought to be deleted. 7. That the addition of Rs. 1,10,00,000/- on account of allege ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lained cash investment in the property, Rs. 28, 762/- on account of business or profession and Rs. 1,10,00,000/- on account of unexplained credits. Aggrieved by the assessment order, the assessee preferred an Appeal before the CIT(A), the Ld. CIT(A) vide common order dated 27/02/2015 quash the assessment order for Assessment Year 2010-11 by treating the assumption u/s 153C of the Act as bad in law. Aggrieved by the order of the CIT(A), dated 27/02/2015, the Revenue preferred the Appeal in ITA No. 2892/Del/2015 and the Assessee also filed Cross Objection No. 106/Del/2016 by supporting the order of the CIT(A) and also raised grounds on the merits of the case. 4. The Ld. Departmental Representative submitted that the order of the CIT(A) is er ..... X X X X Extracts X X X X X X X X Extracts X X X X
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