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Dy. Commissioner Of Income Tax-4, ... vs Smt. Meenakshi Agarwal Legal Heir Of ... on 15 March, 2018
cites
Commissioner Of Income Tax (Central) ... vs Kabul Chawla on 29 March, 2016
After careful consideration of submissions and records produced
before me, I am of the view that A.O. was not justified to treat
the credit entries appearing in the bank account as unexplained
cash credits on any ground. Since there were no pending
assessments at the time of issuance of notice u/s 153A of the act,
completed assessments could not be interfered with by the AO
while making the assessment under Section 153A without any
incriminating material unearthed during the course of search.
Assessment cannot be arbitrary or made without any relevance or
nexus with the seized material. Obviously an assessment has to
be made under these circumstances only on the basis of seized
material. Cash found during the search was properly explained in
the hands of the company to which the cash belonged and there
was no other incriminating documents found during search related
to the bank entries, the addition made by the AO are to be
deleted, in view of the judgments of Premier Car Sales Ltd. v.
Director General of Income-tax, Investigation (North) [2013] 40
taxmann.com 19 (All); and CIT (CENTRAL)-III v. KABUL CHAWLA
in ITA 707/2014 (Del).
Section 131 in The Income Tax Act, 1961 [Entire Act]
Section 132 in The Income Tax Act, 1961 [Entire Act]
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