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TMI Blog2024 (9) TMI 213X X X X Extracts X X X X X X X X Extracts X X X X ..... therefore the AO could examine only the incriminating material relating to assessee found during search and transmitted to him by search-authorities. AO had no jurisdiction to make any addition or disallowance de hors incriminating material. This is a settled proposition for assessment to be made u/s 153A/153C as per landmark judgement of Hon ble apex court in PCIT Vs. Abhishar Buildwell Pvt. Ltd [ 2023 (4) TMI 1056 - SUPREME COURT] The facts of case shows that the PCIT has revised AO s order for the issue of disallowance of excessive interest paid by assessee on loans taken in comparison to the interest received on loans given. The issue raised by PCIT does not emanate from any of the incriminating material in possession of AO and therefo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taken against assessee for six AYs 2014-15 to 2019-20. Ultimately, the AO completed assessments of six AYs 2014-15 to 2019-20 u/s 153C and assessment of search year 2020-21 u/s 143(3) vide a consolidated assessment-order dated 30.03.2022. Subsequently, Ld. PCIT examined the record of assessment-proceeding and viewed that the assessment-order passed by AO u/s 153C for AY 2014-15 is erroneous in so far it is prejudicial to the interest of revenue which attracts revisionary-jurisdiction u/s 263. Accordingly, the PCIT issued show-cause notice dated 05.01.2024 and finally passed revision-order dated 26.03.2024. Aggrieved by such revision-order, the assessee has come in this appeal before us. 3. Ld. AR for assessee carried us to revision-order a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting material having been found in the search and transmitted to AO by the search-authorities. Undisputedly, the AY 2014-15 was a completed/ unabated year since no assessment relating to that year was pending as on the date of search and therefore the AO could examine only the incriminating material relating to assessee found during search and transmitted to him by search-authorities. The AO had no jurisdiction to make any addition or disallowance de hors incriminating material. This is a settled proposition for assessment to be made u/s 153A/153C as per landmark judgement of Hon ble apex court in PCIT Vs. Abhishar Buildwell Pvt. Ltd. (2023) 454 ITR 212 (SC) . The facts of case shows that the PCIT has revised AO s order for the issue of dis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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