9911796707
TMI Blog2024 (11) TMI 360X X X X Extracts X X X X X X X X Extracts X X X X ..... 3(3) of the Income Tax Act, 1961 (the Act) concerning Assessment Year 2021-22. 2. As per the grounds of appeal, the assessee has challenged additions of Rs. 58,00,000/- made by the AO under Section 45 of the Act towards under reporting of sale consideration of immovable property while framing the Assessment Order under Section 143(3) of the Act. 3. The assessee has also raised additional grounds under Rule 11 of the Income Tax (Appellate Tribunal) Rules, 1963. The additional grounds raised by the assessee read as under: "8. On the facts and circumstances of the case, the learned AO has erred in considering the assessment year under consideration as the assessment year relevant to the previous year in which search was conducted and conse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Hans Group under Section 132 of the Act. Based on the seized documents/digital data and information contained therein etc., the Assessing Officer of the searched person formed a satisfaction that certain document /digital data etc. relates to the assessee herein. i.e. Ms. Tejinder Kaur. The Assessing Officer of the searched person accordingly recorded formal satisfaction dated 26.09.2022 contemplated under Section 153C of the Act that action under Section 153C of the Act is required to assess undisclosed income based on such documents found in the course of search in the hands of the assessee herein. The Assessing Officer of the assessee, in turn, recorded satisfaction note dated 03.10.2022 under Section 153C of the Act. 5.2 Based on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... challenge cannot be countenanced in law. 5.4 The ld. Counsel thus submitted that once the law relating to assessment under Section 153C of the Act, as expounded by the judicial precedents are applied in the facts of the case, the Assessment Order giving raise to the present appeal becomes unsustainable in law and hence requires to be quashed. 6. The ld. CIT-DR for the Revenue, on the other hand, relied upon the action of the revenue authorities and contended that as long as the Assessing Officer is empowered to frame the regular assessment by issuing valid notice under Section 143(2) of the Act, there is no estoppel in law for framing regular assessment under Section 143(3) of the Act which is much broader in its horizon and includes the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1-22. Action under section 132 of the Income Tax Act was conducted in HANS Group of cases by Investigation wing, New Delhi on 06.01.202.ilt has the en brought to the notice of the undersigned by the AO of Sh. Parveen K. Jain (in the instant case both the AO is same), being one of the persons covered in group search and in whose case action under section 132 of the Income tax Act was taken, that during the search and seizure action, the seized Assets and documents/digital data and information contained therein relate to, Mrs. Tejinder Kaur the person other than the searched person. The Assessing officer of the searched person has recorded his satisfaction dated 26.09.2022 that seized Assets and documents/digital data and information contai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Date: 03.10.2022 Sd/- Deputy Commissioner of Income Tax, Central Circle-31, New Delhi 9. In view of express satisfaction note recorded under Section 153C of the Act for different Assessment Years including Assessment Year 2021-22 in question, the proceedings initiated under Section 143(2) of the Act for regular assessment requires to be abated and give way to the special provisions of Section 153C of the Act. 10. Similar issue came up for adjudication by the Co-ordinate Bench of ITAT in Akansha Gupta (supra) wherein the assessment framed under Section 143(3) of the Act were quashed. The relevant operative part of the order of the Co-ordinate Bench of Tribunal is reproduced hereunder for ready reference: "9. Therefore, in view of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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