9911796707
TMI Blog2025 (2) TMI 396X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax (Appeals) [CIT(A)] is bad both in the eye of law and on facts. 2. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in rejecting the contention of the assessee that the order passed by the learned AO under Section 153A of the Act is bad and liable to be quashed as the same has been framed consequent to a search which itself was unlawful and invalid in the eye of law. 3. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in rejecting the contention of the assessee that the additions made by the AO under Section 153A of the Act are bad in law in the absence of any incriminating material belonging to the assessee being found during the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... books of accounts an financial statement are audited as per law and nothing adverse has been pointed out by the AO. 8. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in la in confirming the above said addition ignoring the fact that the quantity purchased and sold being completely tallying, the allegation that the assessee has not made purchases cannot be sustained. 9. (i) On the facts and circumstances of the case, learned CIT(A) has erred both on facts and in law in confirming the addition of Rs. 29,50,000/- on account of loan received form M/s RajatFincap Private company. (ii) That the above addition has been confirmed rejecting the detailed submissions and explanations brought on record ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent order came to be passed by computing the income of the Assessee at Rs. 84,46,917/- as against the returned income of Rs. 19,52,500/-. Aggrieved by the assessment order dated 25/06/2021, the Assessee preferred an Appeal before the Ld. CIT(A). The Ld. CIT(A) vide order dated 31/01/2024, partly allowed the Appeal by confirming the addition of Rs. 4,06,786/- made on account of purchase from M/s Krishna Industries, holding the same has not genuine and also confirmed the addition of Rs. 29,50,000/- made on account of loan received from M/s RajatFincap Pvt. Ltd. Aggrieved by the order of the Ld. CIT(A) dated 31/01/2024, the Assessee preferred the present Appeal on the grounds mentioned above. 4. The Ld. Counsel for the Assessee arguing on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot be disturbed in the assessment made u/s 153A of the Act in the absence of any incriminating material found during the course of the search. As could be seen from the order of the Ld. CIT(A), the Ld. CIT(A) at Paragraph 4.5 observed that the addition of Rs. 49 lakhs, (50% in the hands of the appellant) made on account of statement of Rajesh Mangla recorded u/s 132(4) of the Act recorded during the search proceedings in the case of SRS Ltd. The Ld. CIT(A) treating the said statement as incriminating material unearthed during the course of the search proceedings accordingly upheld the certain additions made by the A.O. It is now well settled law that statement recorded u/s 132 of the Act does not constitute incriminating material in the abs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aning 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 of search under Section 132 or requisition under Section 132A of the Act, 1961. However, the completed/unabated assessments can be re-opened by the AO in exercise of powers under Sections 147/148 of the Act, subject to fulfillment of the conditions as envisaged/mentioned under sections 147/148 of the Act and those powers are saved." 8. By respectfully following the ratio laid down by the Hon'ble Supreme Court in the case of Abhisar Buildwell (supra), considering the fact that no incriminating materials/documents or any other evidence was found or seized during the course of sear ..... X X X X Extracts X X X X X X X X Extracts X X X X
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