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TMI Blog2023 (11) TMI 1324X X X X Extracts X X X X X X X X Extracts X X X X ..... respectively. 2. Since underlying facts are common in the captioned appeals, they were heard together and are disposed of by this common order for the sake of convenience and brevity. 3. Briefly stated, the facts of the case are that search and seizure operation was carried out at various premises of Bajaj Group and its associates including the assessee and directors and others on 20.04.2017. Consequent to the search action, notice u/s 153A of the Income-tax Act, 1961 [the Act, for short] was issued and served upon the assessee, in response to which, the assessee filed its return of income. 4. During the course of scrutiny assessment proceedings, the assessee furnished complete details of opening and closing stock, month-wise details of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ddition of Rs. 96.49 lakhs in A.Y 2012-13 and Rs. 52.42 lakhs in A.Y 2013-14. 8. The assessee is in appeal against this estimation of profit and the Revenue is in appeal in not treating the entire sales as bogus sales and unexplained cash credit as held by the Assessing Officer. 9. We have given thoughtful consideration to the orders of the authorities below. We have carefully perused the assessment order qua the seized material. We could find only the following observations which were considered as incriminating material found at the time of search: "During the course of search action, certain documents, including electronic documents were found and seized which further corroborate the fact that the individuals of the Bajaj group had g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stand abated; iii) in case any incriminating material is found/unearthed, even, in case of unabated/completed assessments, the AO would assume the jurisdiction to assess or reassess the 'total income' taking into consideration the incriminating material unearthed during the search and the other material available with the AO including the income declared in the returns; and iv) in case no incriminating material is unearthed during the search, the AO cannot assess or reassess taking into consideration the other material in respect of completed assessments/unabated assessments. Meaning thereby, in respect of completed/unabated assessments, no addition can be made by the AO in absence of any incriminating material found during the course ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r reassess the total income even in case of completed/unabated assessments. Therefore, the impugned judgment(s) and order(s) passed by the High Court taking the view that the AO has the power to reassess the return of the assessee not only for the undisclosed income, which was found during the search operation but also with regard to material that was available at the time of original assessment does not require any interference. Under the circumstances, the aforesaid appeals preferred by the assessee - M/s Kesarwani Zarda Bhandar, Sahson, Allahabad deserve to be dismissed and are accordingly dismissed. In the facts and circumstances of the case, no costs." 12. In light of the above, the impugned assessment order deserves to be set aside ..... X X X X Extracts X X X X X X X X Extracts X X X X
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