Subscribe to the Bombay Chartered Accountant Journal Subscribe Now!

August 2024

Addition made by Assessing Officer during reassessment proceedings, not being based on any incriminating material during search and seizure action, was to be deleted.

By Jagdish T Punjabi, Chartered Accountant
Devendra Jain & Aditya Bhatt, Advocates
Reading Time 8 mins

29 Ashish Jain vs. DCIT

[2024] 111ITR(T)152 (Chd - Trib.)

ITA No. 352 (CHD) of 2023

A.Y.: 2012–13

Date of order: 23rd January, 2024

Section: 153A

Addition made by Assessing Officer during reassessment proceedings, not being based on any incriminating material during search and seizure action, was to be deleted.

FACTS

A search and seizure operation u/s 132(1) was carried out at the residential and business premises of M/s Jain Amar Clothing Pvt. Ltd. Group of cases on 26th February, 2016, and the assessee’s premises were also searched on the said date. Thereafter, a notice dated 28th September, 2016 u/s 153A was issued upon the assessee.

Download PDF

You May Also Like

The loss incurred on the sale of shares on stock exchange platform, where STT was duly paid, is eligible to be set of against the long-term capital gain earned by the assessee from sale of unlisted shares.

75th Annual General Meeting and 76th Founding Day