Case Law Details
DCIT Vs Creative Trendz Pvt. Ltd. (ITAT Ahmedabad)
Ld.CIT-DR failed to bring any fact that assessment for the year under consideration was pending at the time of search on 14.02.2014 of that the issue of share capital was not the subject matter in the assessment was not reported while filing the Return of Income in the assessment year under consideration. The Ld. DR referred the explanation attached with section 153A that the AO has power to assess or re-assessing total income in respect of each assessment year falling within six assessment years. There is not dispute regarding statutory provision in the Act. However, the Hon’ble Bombay Delhi High Court has laid down Law that no addition in absence of incriminating material can be made in respect of assessment which has become final if no incriminating material is found during the search.
FULL TEXT OF THE ITAT JUDGEMENT
1. These two appeals by the Revenue are directed against the order of Learned Commissioner of Income Tax (Appeals)[Ld.CIT(A)], Surat dated 17.06.2016 for A.Y. 2009-10 and 2010-11.
2. In both the appeals the Revenue has raised certain common grounds of appeal except variation of addition, the Ld.CIT(A) passed consolidated order for both the assessment years, therefore, with the consent of the parties, both the appeals were heard and are decided by common order. For appreciation of facts, appeal for A.Y. 2009-10 was treated as lead case. The Revenue as raised following grounds of appeal:
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