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TMI Blog2024 (6) TMI 1212X X X X Extracts X X X X X X X X Extracts X X X X ..... UPREME COURT] - Respectfully following the decision of USG BUILDWELL PVT. LTD [ 2021 (3) TMI 518 - ITAT DELHI] and in the light of the decision of the Hon ble Supreme Court (supra) we direct the AO to delete the impugned addition. Decided in favour of assessee. - Sh. N. K. Billaiya, Accountant Member And Ms Astha Chandra, Judicial Member For the Appellant : Sh. Piyush Kaushik, Advocate Sh. Ajay Bhagwani, CA. For the Respondent : Sh. Subhra Jyoti Chakraborty, 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 27.03.2015 pertaining to A.Y. 2005-06. 2. The grievance of the assessee read as under :- 1. That the orders passed by the Assessing Officer and Commissi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd was finally concluded on 05.02.2011. The observations of the AO that the reassessment proceedings initiated has been abated are factually incorrect in as much as the notice u/s. 148 was served after more than a year from the date of search. On identical set of facts in one of the group cases M/s. USG Buildwell Private Limited in ITA No. 2155/Del/2015 and ITA No. 1351/Del/2015 for A.Y. 2005-06 and 2006-07 this Tribunal had considered an identical situation and held as under :- 7. We have heard both the parties and perused the material available on U record. It is pertinent to note that no incriminating material was found during the search and seizure in respect of assessee company, hence the decision of the Delhi High Court in case of Kab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... does not mean that the assessment can be arbitrary or made without any relevance or nexus with the seized material. Obviously an assessment has to be made under this Section only on the basis of seized material. v. In absence of any incriminating material, the completed assessment can be reiterated and the abated assessment or reassessment can be made. The word 'assess' in Section 153 A is relatable to abated proceedings (ie. those pending on proceedings of search) and the word 'reassess to completed assessment vi. Insofar as pending assessments are concerned, the jurisdiction to make the original assessment and the assessment under Section 153A merges into one. Only one assessment shall be made separately for each AY on the ba ..... X X X X Extracts X X X X X X X X Extracts X X X X
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