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Once assessment gets abated, it is open for the assessee to lodge a new claim in a proceeding under Section 153A(1) which was not claimed in his regular return of income, because assessment was never made/finalised in the case of the assessee in such a situation. Thus, assessee was entitled to lodge a new claim for deduction etc. which remained to be claimed in his earlier/ regular return of income.
Various additions/disallowances made by AO were clearly beyond the scope of authority vested under s.153A owing to absence of any incriminating material or evidence deduced as a result of search in so far as completed assessments were concerned and the same was not permissible in law.
It is an admitted fact that except jewellery which remained duly explained, no material much less incriminating material was found during search, therefore, in the absence of any incriminating material recovered during search assessment having remained unabated as on date of search could not be interfered with while framing assessment under section 153A.
Both assessment and the penalty order do not specify as to on which limb the AO intends to impose penalty u/s.271(1)(c) of the Act either for concealment of particulars of income or for furnishing of inaccurate particulars of such income.
This article is covering in depth knowledge of various types of Jurisdictions, Various types of Assessments under Income Tax Act, 1961 and details of new system i.e. Jurisdiction-Free Assessment which was introduced from 2016. Jurisdiction is prescribed under Section 124 of the Income-tax Act, 1961 and assessment includes Summary assessment under section 143(1), Scrutiny assessment […]
Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing up his return of income. Once the return of income is filed up by the taxpayer, the next step is the processing of the return of income by the Income Tax Department. The […]
Assessee had disclosed additional income in return filed in response to notice issued under section 153A voluntarily, hence, there could not be any penalty under Expln. 5A to section 271(1)(c) as income disclosed by assessee in pursuance to search was not based on incriminating document.
This article covers some of the basic but important issues faced by the Assessing Officer in Search assessment. It also covers the judicial history of the issue and stand taken by the Department. After completion of search by the Investigation Wing, correct application of the provision of the Income Tax Act and assessment of true income of the assessee is most important task of the A.O. in Central Charge
In case of unabated assessment under section 153A(1)(b), unless such assessment was based upon incriminating documents seized/impounded during the course of search, no addition could be made under section 153A.
The issue under consideration is whether the addition made by AO u/s 68 by considering the share application money received by assessee as unexplained cash credit is justified in law?
