Case Law Details
ACIT Vs Diamond Plaza (P) Ltd. & Vice-Versa (ITAT Cuttack)
Conclusion: Assessment under section 153A could not be made for making addition of unexplained income if assessment was unabated which had attained finality on the date of search and no incriminating material was found as per record.
Held: AO having considered the original assessment order u/s.143(3), made addition pursuant to search conducted at assessee’s premises on account of unexplained income of Rs.75 lakhs shown as share capital including share premium in the books of the assessee u/s.68 as unexplained and passed the order u/s.153A. It was held assessment was unabated as the return of income u/s.139 filed on 30.09.2009, whereas the time limit for issue of notice u/s.143(2) was on 30.09.2010 and the date of search u/s.132 dated 06.08.2014 and at the time of search the assessment was completed. Therefore, no assessment under section 153A could be made if no incriminating material was found as per record.
FULL TEXT OF THE ITAT JUDGEMENT
The Revenue has filed appeals and the assessee has filed cross objections against the order of the CIT(A)-2, Bhubaneswar, dated 14.06.2018 & 15.06.2018 for the assessment year 2009-2010 & 2010-2011.
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