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TMI Blog2024 (8) TMI 1488X X X X Extracts X X X X X X X X Extracts X X X X ..... ed documents in the instant case are not incriminating nature, the AO is legally barred from framing assessment u/s 153C as confirmed by the Hon'ble Supreme Court judgment in the case of Abhishar Buildwell P. Ltd. [ TS-202-SC-2023] ? (ii) Whether on the facts and in circumstances of the case and in law, the Hon'ble ITAT was justified in holding that the mere financials of any entity, which were seized during the search action are incriminating material. ? (iii) Whether on the facts and circumstances of the case and in law, Hon'ble ITAT has erred in annulling the assessment made u/s 143(3) on the ground that assessment should have been made u/s 153C and thereby deleting the addition of Rs. 3,38,00,000/- made by the AO on account of unexplained cash credit u/s 68 which was confirmed by the learned CIT(A) without appreciating that : (a) in the absence of incriminating material having been found and seized, it would invalidate an assessment u/s 153C read with section 153A, in case the assessment had been made by the AO u/s 153C, as recently confirmed in the judgment delivered by Hon'ble Supreme Court in the case of Abhisar Buildwell P. Ltd. [TS-202-SC-2023] ? (b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he relevant law in view of the factual backdrop in the instant matter.?" 3. Brief facts of the case are that the respondent-assessee had filed its return on 28/11/2014 declaring total income of Rs. nil for the assessment year 2014-15. The case of the assessee was selected for scrutiny and notice under Section 143(2) of the Income Tax Act, 1961 (hereinafter referred as the Act of 1961) was issued on 03/09/2015. Due to search under Section 132 of the Act of 1961 premises of the Director and other family members of the assessee-company, the case of the assessee-company was centralized under Section 127 of the Act of 1961 by Principal Commissioner of Income Tax-I, Jabalpur vide order dated 04/05/2016 to Central Circle, Jabalpur. The main business activity of the company is development of real estate and related activities. During search various incriminating article and records were seized. The investigating wing handed over all the documents and records to the Central Circle, Jabalpur. Assessment was completed under Section 143(3) of the Act being neither search nor any survey was carried out at the premises of the assessee company. Learned CIT(A) decided the appeal of the assessee, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an assessee aggrieved by any order passed by the Appellate Tribunal may file an appeal to the High Court and such appeal under this sub- section shall be (a) filed within one hundred and twenty days from the date on which the order appealed against is received by the assessee or the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner; (b) xxx (c) in the form of a memorandum of appeal precisely stating therein the substantial question of law involved. (2A) The High Court may admit an appeal after the expiry of the period of one hundred and twenty days referred to in clause (a) of sub-section (2), if it is satisfied that there was sufficient cause for not filing the same within that period. (3) Where the High Court is satisfied that a substantial question of law is involved in any case, it shall formulate that question. (4) The appeal shall be heard only on the question so formulated, and the respondents shall, at the hearing of the appeal, be allowed to argue that the case does not involve such question : Provided that nothing in this sub-section shall be deemed to take away or abridge the power of the court to hear, for reason ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ved that: "A point of law which admits of no two opinions may be a proposition of law but cannot be a substantial question of law. To be "substantial" a question of law must be debatable, not previously settled by law of the land or a binding precedent, AIR 1962 SC 1314 (2001) 3 SCC 179 and must have a material bearing on the decision of the case, if answered either way, insofar as the rights of the parties before it are concerned. To be a question of law "involving in the case" there must be first a foundation for it laid in the pleadings and the question should emerge from the sustainable findings of fact arrived at by court of facts and it must be necessary to decide that question of law for a just and proper decision of the case. An entirely new point raised for the first time before the High Court is not a question involved in the case unless it goes to the root of the matter. It will, therefore, depend on the facts and circumstance of each case whether a question of law is a substantial one and involved in the case, or not; the paramount overall consideration being the need for striking a judicious balance between the indispensable obligation to do justice at all stages and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l and to give an answer in law to the question of law that is before it.'' 14. When tested on the anvil of the afore-noted legal principles, we are of the opinion that in the instant case no substantial question of law arises from the order of the Tribunal as the appellant has raised all the question of facts and have disputed the fact findings of the ITAT in the garb of substantial questions of law which is not permitted by the statute itself. This Court refrains from entertaining this appeal as there is no perversity in the order passed by the ITAT since the ITAT has dealt with all the grounds raised by the appellant in the order impugned and has passed a well reasoned and speaking order taking into consideration all the material available on record. The Tribunal being a final fact finding authority, in the absence of demonstrated perversity in its finding, interference with the concurrent findings of the CIT (A) as well as the ITAT therewith by this Court is not warranted. 15. For the aforesaid reasons, we have no hesitation in holding that no question of law, much less any substantial question of law arises from the order of the Tribunal requiring consideration of thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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