Leshark Global LLP Vs DCIT (ITAT Mumbai)
Summary: These consolidated appeals by Leshark Global LLP arise from assessments for A.Ys. 2012-13 to 2018-19 and A.Y. 2020-21. The Tribunal took ITA No. 3177/Mum/2025 for A.Y. 2012-13 as the lead appeal because the parties agreed that the findings would apply mutatis mutandis to the other years. The principal dispute in the initial set of grounds concerned additions under Section 69 for alleged cash loans said to have been advanced to Mr. Nilesh Bharani/ Evergreen Enterprises and corresponding notional interest additions under Section 56.
The assessee contended that the search conducted at its premises on 17.11.2017 did not yield any incriminating material relating to the disputed additions. According to the assessee, the Assessing Officer instead relied upon documents and statements obtained in an independent search conducted at the premises of Mr. Nilesh Bharani. The assessee’s statement recorded under section 132(4) also recorded repeated denials of having advanced any cash loan. The assessee relied upon PCIT v Abhisar Buildwell Pvt Ltd, the decisions concerning Nilesh Bharani and Rupal Kashyap Mehta, and other authorities to contend that, for unabated assessments, additions under section 153A require incriminating material found during the search of the assessee, while material found in another person’s search must be dealt with through section 153C.
