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TMI Blog2024 (9) TMI 370X X X X Extracts X X X X X X X X Extracts X X X X ..... hout incriminating material found during a search. The Court noted that the issue was also covered by the Supreme Court's decision in Abhisar Buildwell case [ 2023 (4) TMI 1056 - SUPREME COURT ] The questions of law as raised by the revenue would no longer need consideration. It is however clarified that the completed/unaudited assessments can be reopened by the Assessing Officer in exercise of powers u/s 147/148 of the Act, subject to fulfillment of conditions as envisaged under the said provisions and as may be permissible in law. All contentions of parties in that regard are expressly kept open. Decided against revenue. - G. S. KULKARNI SOMASEKHAR SUNDARESAN, JJ. For the Appellant-Revenue : Mr. Suresh Kumar, in above appeals. For t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion made by the Assessing Officer without reference to any seized material was held to be without any basis. 3. This apart, as fairly pointed out at the bar, the questions as posed for consideration, would not only stand covered by the decision in Continental Warehousing Corporation (supra), but also by the authoritative to pronouncement of the Supreme Court in Principal Commissioner of Income Tax (Central)-3 Vs. Abhisar Buildwell (P) Ltd. [2023] 149 taxmann.com 399 (SC). 4. The revenue has raised the following questions of law, which are common in all these appeals, for consideration of this Court : i) Whether on the facts and circumstances of the case and in law, the ITAT is correct in dismissing the appeal of the revenue, holding that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the appeals filed by the revenue would not give rise to any question of law. The relevant observations in such order are required to be noted, which read thus : 5. It is on such backdrop, the present appeals were filed raising the question of law which is common in all these appeals, which reads thus:- Whether on the facts and in the circumstances of the case and in law, the Hon ble ITAT was justified in the finding that no additions can be made in respect of unabated assessments when the AO has not referred to any incriminating material seized in search proceedings and also in not appreciating that Hon ble Supreme Court has admitted SLP filed by the Revenue in the case of M/s. Continental Warehousing Corporation (Nhava Sheva) Ltd. 64 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted assessments, the AO would assume the jurisdiction to assess or reassess the total income taking into consideration the incriminating material unearthed during the search and the other material available with the AO including the income declared in the returns; and (iv) in case no incriminating material is unearthed during the search, the AO cannot assess or reassess taking into consideration the other material in respect of completed assessments/unabated assessments. Meaning thereby, in respect of completed/unabated assessments, no addition can be made by the AO in absence of any incriminating material found during the course of search under Section 132 or requisition under Section 132A of the Act, 1961. However, the completed/unabated ..... X X X X Extracts X X X X X X X X Extracts X X X X
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