9911796707
TMI Blog2025 (3) TMI 1214X X X X Extracts X X X X X X X X Extracts X X X X ..... x Act, 1961 (the Act, in short) by the ld. Commissioner of Income Tax (Appeals), New Delhi dated 21.06.2018 for Assessment Year 2012-13. 3. Brief facts of the case are that the assessee is an individual and filed her return of income for the year under appeal on 07.07.2012 declaring at loss of Rs. 4,67,970/-. The said return was processed. Thereafter, the search and seizure operation carried u/s 132 of the Act in the case of Shri R.K. Kedia group and its group concerns, residential/factory premises of partners, directors and proprietors of the group on 13.06.2014. During the course of search certain documents pertaining to Ms. Esha Kedia were found and seized from the premises of Sh. Raj Kumar Kedia which were handed over to the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in not holding so. 3. On the facts and circumstances of the case and in law, the addition of Rs. 1438928/- made by the assessing officer on account of disallowance of Long Term Capital Gain is beyond the scope/jurisdiction of provisions of section 153C r.w.s 153A of the Income Tax Act, 1961 and, therefore, the addition made is liable to be deleted and CIT(A) erred in not holding so. 4. On the facts and circumstances of the case and in law, the CIT(A) erred in confirming addition of Rs. 1438928/- made by the assessing officer on account of disallowance of Long Term Capital Gain and, therefore, the addition made is liable to be deleted. 5. On the facts and circumstances of the case and in law, the addition of Rs. 86336/- made by the As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order it could be seen that no paper whatsoever found and seized as a result of search was referred by the Assessing Officer and the additions have been made on the basis of information supplied in the regular return filed by the assessee. This fact is evident from para 4.1 of page 2 of the assessment order wherein the Ld. AO himself has observed as under" "on perusal of computation of income and share transaction detail submitted by the assessee......". He further submitted that during the course of search, the documents seized was the copy of HDFC Bank book for the period from 1st March, 2009 to 31st March, 2015 which is printout of the ledger account of HDFC Bank book taken from Tally Software, copy of which is placed in PB at page 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of search was referred. This being so in our opinion, no addition could be made in the order passed u/s 153C r.w.s. 153A of the Act. This view is duly supported by the judgment of Hon'ble Supreme Court in the case of Abhisar Buildwell (supra) wherein the Hon'ble Supreme Court in para 14 has concluded as under: "14. In view of the above and for the reasons stated above, it is concluded as under: i) that in case of search under Section 132 or requisition under Section 132A, the AO assumes the jurisdiction for block assessment under section 153A; ii) all pending assessments/reassessments shall stand abated; iii) in case any incriminating material is found/unearthed, even, in case of unabated/completed assessments, the AO would assume ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder the Act. 11. As a result, the legal grounds of appeal No.1 to 3 by the assessee are allowed. 12. Since, we have allowed the legal grounds of assessee and deleted the addition, the other grounds on merits became academic, thus, not adjudicated. 13. As a result, the appeal of the assessee is allowed. ITA No.5143/Del/2019 for Asst. Year 2013-14 14. Since the facts of the case are identical to the facts of 5142/Del/2018 above except the amount of capital gain, therefore, by following the observations made therein which are mutatis mutandis applied in this year also, and accordingly, the appeal of the assessee for this year is allowed. ITA No.5144/Del/2019 for Asst. Year 2012-13 15. The assessee has challenged the order of Ld. Commis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /s 143(3) as has been done in the instant case. For this, he placed reliance on the judgment of the Hon'ble Supreme Court in the case of CIT vs. Jasgit Singh [2023] (10) TMI 572-(SC) and also by this Bench of Tribunal in case of Raja Varshney vs. DCIT in ITA No.1459/Del/2024 dated 26.09.2024 and also in case of in Akansha Gupta vs. ACIT in ITA No.3074/Del/2023 dated 04.02.2025. Ld. AR prayed that assessment order passed u/s 143(3) is without jurisdiction and deserves to be hold bad in law and be quashed. 17. On the other hand, the Ld. CIT-DR vehemently supported the order of the lower authorities and request for confirmation of the same. 18. We have heard the rival submissions and perused the materials available on record. Admittedly in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
