Case Law Details
Shri Balaji Builders Kakinada Vs ACIT (ITAT Visakhapatnam)
Merely because books of account could not be traced at the time of survey/search, it could not be presumed that the books of account were not maintained unless all the efforts were made by AO. Further As per the provisions of section 153C of the Act, it is mandatory to have the satisfaction of the A.O. that money, bullion, jewellery or other valuable article or thing or any books of accounts, documents seized or requisitioned pertains to or relates to the assessee, which means that unless there is an incriminating material belonging to the assessee is found, the action u/s 153C of the Act is not permissible. In the assessee’s case there was no incriminating material found and seized from the premises of the group cases. Therefore, we hold that the notice issued u/s 153C of the Act is not sustainable and accordingly quashed.
FULL TEXT OF THE ITAT JUDGMENT
These appeals filed by the assessee are directed against order passed by the Commissioner of Income Tax (Appeals) {CIT(A)}, Guntur vide ITA No.444&445/CIT(A)/GNT/10-11 dated 24.2.2014 for the assessment years 2008-09 & 2009-10. Since, the facts are identical andissues are common, they are clubbed, heard together and disposed-off by way of this common order for the sake of convenience.
ITA 111/Vizag/2015 (A.Y. 2008-09):
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