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TMI Blog2024 (12) TMI 768X X X X Extracts X X X X X X X X Extracts X X X X ..... - Shri Shamim Yahya, Accountant Member, And Shri Yogesh Kumar Us, Judicial Member For the Appellant : Shri Somil Agarwal, Adv. Shri Deepesh Garg, Adv. For the Respondent : Shri Dayainder Singh Sidhu, CIT(DR) ORDER PER SHAMIM YAHYA, AM : These appeals are filed by the assessee against the common impugned order dated 22.02.2018 relating to assessment year 2011-12 2012-13 passed by the Ld. CIT(A)-2, Gurgaon. Since one of the issues involved in both the Assessee appeals is common and identical, except the difference in figure of addition made, hence, both the appeals of Assessee were heard together and are being disposed of by this common order for the sake of convenience, by only dealing with Assessee s Appeal No. 3567/Del/2018 (AY 2011-12) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duce bills and vouchers. 6. That in any case and in any view of the matter, action of Ld. CIT(A) in confirming the action of Ld. AO in making disallowance of Rs. 55,94,302/- is bad in law and against the facts and circumstances of the case. 7. That having regard to the facts and circumstances of the case, Ld. CIT (A) has erred in law and on facts in confirming the action of Ld. AO in holding the loss incurred by the assessee as speculative in nature and has further erred in holding that this loss cannot be set off against the future income of the assessee company. 8. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of AO in passing the impugned order without giv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n holding the loss incurred by the assessee as speculative in nature and has further erred in holding that this loss cannot be set off against the future income of the assessee company. 6. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of AO in passing the impugned order without giving adequate opportunity of being heard. 7. That the appellant craves the leave to add, alter or amend the grounds of appeal at any stage and all the grounds are without prejudice to each other. 4. Briefly stated facts are that in the case of the assessee, the residential as well as business / office premises of M/s SRS Group of cases were subject to search and seizure operations on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions and perused the case laws cited by the Ld. AR for the assessee and also perused the impugned orders. On perusal of the assessment order, it is noted that the instant assessment is pursuant to notice u/s. 153C read with 153A of the Act. We note that the additions in dispute are not based upon any incriminating material found during the course of search. Ld. DR could not dispute this proposition. We note that as per the decision of the Hon ble Supreme Court of India in the case of PCIT vs. Abhisar Buildwell Pvt. Ltd., CA No. 67580/2021 dated 24.4.2023, (2023) SCC Online SC 481, no addition can be made the assessment framed u/s. 153A dehors incriminating material found during the search. We find considerable cogency in the contention of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cation. 14. In the result, all the 03 Assessee Appeals are allowed. 6.1 Respectfully following the aforesaid precedents including the Hon ble Supreme Court decision in the case of PCIT vs. Abhisar Buildwell Pvt. Ltd., CA No. 67580 / 2021 dated 24.4.2023, (2023) SCC Online SC 481, we set aside the orders of the authorities below and decide the issues in favour of the assessee. 7. Since we have decided the aforesaid appeals on merit in favour of the assessee and also impugned orders of the authorities below have been set-aside, therefore, the other Grounds raised by the Assessee have become academic and do not require any adjudication. 8. In the result, both the appeals of the assessee are allowed. Order pronounced on 11/12/2024. - - TaxT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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