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TMI Blog2024 (11) TMI 889X X X X Extracts X X X X X X X X Extracts X X X X ..... taking recourse of the provision of Section 153C and no proceeding can be initiated u/s 147, 148, 153 and 151 of the Act. In the instant case, therefore, reopening of proceeding u/s 148 has no legs to stand upon particularly when the reason to believe is on the basis of search conducted on a third party and on the basis of documents unearthed during search of the said third party namely Shri Surendra Kumar Jain group of companies. The initiation of proceeding in the case in hand u/s 148 on the basis of materials unearthed relating to and belonging to the assessee during the course of search conducted on Jain brothers is found to be not sustainable in the eyes of law. The assessment is void-ab-initio and thus, quashed. Assessee s appeal is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Director of the assessee company were involved in getting the assessee company revived in ROC records and once it is done after the order passed by the NCLT, the said certified copy was obtained and appeal was filed. 3. In view of the above facts there is no intentional laches on the part of the assessee in filing the appeal before us. The cause shown is, therefore, to be treated reasonable in filing the appeal and, thus, the delay be condoned as the main prayer made by the assessee in the application seeking condonation of delay which has been reiterated by the Ld. Senior Counsel Mr. Salil Agarwal at the time of hearing of the matter in support of condonation of delay in filing the appeal. 4. On the other hand, the Ld. D.R has raised hi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. The brief facts leading to the case are that the assessee company has filed a return of income on 26.09.2009 declaring income at Rs. nil which was processed under Section 143(1) of the Act on 28.10.2010. However, the case of the assessee was reopened under Section 147 of the Act after recording reasons and due approval of authorities in terms of Section 151 of the Act. Notice under Section 148 of the Act was issued on 11.03.2016 which was duly served upon the assessee. In fact, from the reason recorded as provided by the Ld. AO to the assessee along with annexures appearing at page 2-16 of the paper book, it appears that a search operation was conducted on 14.09.2020 in the case of one Shri Surendra Kumar Jain group wherein after scruti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iciary including assessee by charging commission and accordingly an amount of Rs. 40,00,000/- represents and explained credit under Section 68 of the Act in the books of account and, therefore, the Assessing Officer had a reason to believe that the assessee has willfully and knowingly concealed its particulars of income to avoid tax and at least an income of Rs. 40,00,000/- chargeable to tax had escaped assessment for the year under consideration within the meaning of Section 147 of the Act as recorded by the Ld. AO while initiating proceeding under Section 148 of the Act. 7. The assessee s counsel joins issue here to this effect that since, admittedly, the case of the assessee was reopened on the basis of search conducted on 14.09.2010 in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ooks of account or documents or any information contained therein pertains to or relate/relates to other than the person searched, first and foremost duty of the Assessing Officer of that searched person is to hand over all the said assets and/or informations to the Assessing Officer of other than the person searched and then the Assessing Officer has to proceed and determine the income of the other person in accordance with the provision of Section 153C of the Act. It further clarifies that the provision of Section 153C of the Act are to be applied notwithstanding anything contained in Section 139, 147, 148, 151 and 153 of the Act. 10. Keeping in view this particular legal aspect of the matter as certain documents unearthed/found and seize ..... X X X X Extracts X X X X X X X X Extracts X X X X
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