9911796707
TMI Blog2022 (7) TMI 1553X X X X Extracts X X X X X X X X Extracts X X X X ..... . There was thus no abatement of the assessment originally completed in the case of the assessee for the year under consideration and it was a case of unabated assessment which was completed by the AO after the search for the year under consideration. As per the settled position of law, the scope of such unabated assessment made u/s 153A of the Act was confined only to the additions which are based on the incriminating material found during the course of search and since there was no such incriminating material found during the course of search on the basis of which the said addition was made as held by the CIT (A) in his impugned order and not disputed by the DR, we find ourselves in agreement with CIT (A) that the impugned addition made b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the case and in law, the ld. CIT (A) has erred in holding that any addition made during the course of assessment proceedings u/s. 153A has to be confined to the incriminating material found during the course of search u/s. 132(1) of the Act, even though, there is no such stipulation in sec. 153A of the Act. 3. On the facts and in the circumstances of the case and in law, the ld. CIT (A) has erred in not appreciating that sec. 153A requires a notice to be issued requiring the assessee to furnish his return of income in respect of each assessment year falling within six assessment years and to assess or re-assess the total income of those six assessment years, and that the scheme of assessment or re-assessment of the total income of a perso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the investigation directorate Kolkata which revealed that Karma Industries Limited s scrip had been artificially manipulated to provide Long Term Capital Gain to various persons including the assessee. It was found that the scrip had been manipulated by Shri Ramesh Kumar and its associates and Shri Ramesh Kumar was also a broker. Based on the outcome of the investigation carried out by the investigation directorate Kolkata and the statement of Shri Ramesh Kumar recorded under Section 131 of the Act, the Assessing Officer found that the share prices of M/s. Karma Industries Limited had been artificially raised to create bogus Long Term Capital Gain which is exempt under Section 10(38) of the Act. He accordingly treated the claim of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his appeal of the assessee is, therefore, being disposed of ex-parte qua the respondent-assessee after hearing the arguments of learned DR and perusing the relevant material available on record. It is observed that a search under Section 132 of the Act in this case was conducted on 12.02.2015 and there was no assessment proceedings pending for the year under consideration on that date. There was thus no abatement of the assessment originally completed in the case of the assessee for the year under consideration and it was a case of unabated assessment which was completed by the Assessing Officer after the search for the year under consideration. As per the settled position of law, the scope of such unabated assessment made under Section 153 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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