Case Law Details
DCIT Vs United Stock Exchange of India Ltd. (ITAT Mumbai)
Conclusion: Additions could not be made in respect of assessments already completed if no incriminating material was found during search or during 153A proceedings.
Held: In CIT Vs. Continental Warehousing Corporation [2015 374 ITR 645] Bombay High Court held that no addition can be made in respect of assessments which have become final if no incriminating material is found during search or during 153A proceedings. Respectfully following the same, additions made by AO was deleted.
FULL TEXT OF THE ITAT JUDGEMENT
1. Aforesaid appeal by revenue for Assessment Year [AY] 2009-10 contest the order of the Ld. Commissioner of Income Tax (Appeals)-48 [CIT(A)], Mumbai, Appeal No.CIT(A)-48/I.T-187/DCCC-2(2)/2015-16 dated 22/11/2016. The assessment for impugned AY was framed by Deputy Commissioner of Income Tax, Central Circle -2(1), Mumbai [AO] u/s 143(3) read with Section 153A of the Income Tax Act, 1961 on 27/03/2015 wherein the expenses of Rs.135.08 Lacs as claimed by the assessee has been disallowed in terms of Section 3 of the Income Tax Act, 1961. During impugned AY, the assessee being resident corporate assessee was engaged in providing exchange platform for trading in currency derivatives. The effective sole ground raised by revenue reads as under:-
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