Case Law Details
Omprakash Gupta Vs ACIT (Central)- II (ITAT Indore)
Conclusion: No addition could be made in case of concluded assessments and non abated assessments in absence of an incriminating material discovered during search.
Held: In the assessment order, AO observed that once search was conducted and notice was issued u/s 153A, AO was bound to issue notice to assessee to furnish return for each assessment year falling within 6 assessment years, immediately preceding to the assessment year relevant to the previous year in which search was conducted or requisition was made. Even though assessment order had been passed u/s 143(1A) or 143(3), AO required to reopen those proceedings and reassess total income taking notice of undisclosed income or during the course of search & seizure operation. Additions were made in respect of unexplained, unsecured loans, gifts, on account of foreign travel, on account of unexplained investment in shares and assessment was completed u/s 153A r.w.s. 143(3) for the relevant assessment years. It was held all the assessment years were concluded assessments and non abated assessments and any addition had to be made in respect of those assessment years, there must be an incriminating material. In the present case, there was no incriminating material and therefore, additions made by AO could not survive.
FULL TEXT OF THE ITAT JUDGEMENT
This bunch of appeals filed by different assessees are directed against orders of the CIT(A)-3, Bhopal dated 14.9.2017 for the assessment years 2008-09 to 2012-13. Since the issues are common the appeals are heard together and disposed off by way of common order for the sake of convenience and brevity. First we take up appeal filed by the assessee in IT(SS)A No.277 to 281/Ind/2017 for the A.Yrs. 2008-09 to 2012-13.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
