Case Law Details
SVIL Mines Ltd. Vs DCIT (ITAT Delhi)
We find that the additions made by the assessing officer are beyond the scope of section 153A of the Income Tax Act, 1961, because no incriminating material or evidence had been found during the course of search so as to doubt the transactions. It was noted that in the entire assessment order, the assessing officer has not referred to any seized material or other material for the year under consideration having being found during the course of search in the case of assessee, leave alone the question of any incriminating material for the year under appeal. We also find that the case laws cited by the learned Commissioner (Departmental Representative) are not relevant to the present case. Therefore, in our considered opinion, the action of the assessing officer is based upon conjectures and surmises and hence, the additions made is not sustainable in the eyes of law.
FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:-
The Assessee has filed this Appeal against the impugned Order of the learned Commissioner (Appeals)-I, New Delhi relevant to assessment years 2005-06.
2. The grounds raised by the assessee read as under :–
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