Indian Kanoon - Search engine for Indian Law

Sd/ (Vinod Kumar) Dy. Commissioner of Income Tax CC-9, Mumbai"

6. The learned Counsel for the assessee after reading these documents referred to page 82 to 104 wherein 16 loose papers was seized by the departments and which pertains to AY 2009-10 but this particular loan of IFSL Limited of Rs. 1.50 crores pertain to AY 2006-07. Actually, according to the learned Counsel, this loan is carry forward from M/s Bermaco Energy Ltd. ( A . Y : 2 0 0 6 - 0 7 ) AY 2006-07 and no seized document relating to AY 2006-07 was seized by the Revenue. According to him, it means that no seized material pertain to AY 2006-07. Further, the learned Counsel for the assessee stated that allegations of Revenue that IFSL limited is existent, is without any basis. He stated that IFSL is very much functioning as it can be seen from the records available with the Registrar of Companies (ROC). Assessee's Counsel drew our attention to the documents procured from the ROC which shows that the IFSL limited is an existing company and the assessee has filed extract from ROC website confirming that IFSL Limited is on its record and also copy of ROC return filed on 31-03-2011 which is enclosed at pages 67 to 69 of assessee's paper book. The learned Counsel for the assessee argued that web report of ROC clearly reveals that the IFSL has filed its return for FY 2008-09 which was revised on 07-09-2012 and IFSL has filed its Form No. of 23ACA for FY ending 31-03-2011. Even the permanent account No. of the IFSL given by the assessee i.e. AAACI4383H. The learned Counsel for the assessee in view of the above facts argued that once there is no such material available in the seized record relevant to AY and assessment has not abated, the matter cannot be reassessed invoking the provisions of section 153C of the Act.