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ITAT DELHI on 20th Feb; 2020 held that when Documents / information found during the course of search under section 132(1) of the Act- permissible proceedings- only under section 153C of the Act and hence assumption of jurisdiction under section 147 of the Act is bad in law and notice issued under section 143(2) of the Act is not valid notice and therefore the order passed is annulled. Ananya Portfolio (P) Ltd. v. ITO
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Gujarat High Court on 25 February, 2020 held that when Search and seizure of incriminating material is at third party and have not in the name of or in hand writings or signature of the assessee, also no such transaction is with third party then in the absence of any other independent material to corroborate the statement of third party no addition can be made.
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No addition as undisclosed income can be made on the basis of documents which are dumb and incapable of any interpretation in proceedings u/s 132, 158BC read with Section 158BD
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Retraction of statement given in search u/s132(4). Mere admission of additional income would not automatically entitle the assessing officer to assess the same, if the assessee disputes the same subsequently with corroborative evidences.
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Since no incriminating material was unearthed by AO during the course of search operation under section 132, therefore no addition could be made during the relevant assessment year under section 153A. Mona Agarwal & Anr. v. ACIT
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For the purpose of carrying forward the loss in terms of section 72 read with section 80 of the Act, in a case where search operations have been conducted under section 132 of the Act, the time to file the return within the meaning of section 139(3) of the Act has to be regarded as the reasonable time afforded by the consequent notice under section 153A(1)(a) of the Act.
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When search operations are conducted under section 132 of the Act, the obligation of the assessee to file any return remains suspended till such time that a notice is issued for such purpose under section 153A(1)(a) of the Act. If the return is filed by the assessee within the reasonable time permitted by such notice under section 153A(1)(a) of the Act, such return would then be deemed to have been filed within the time permitted under section 139(1) of the Act for the benefit under section 139(3) of the Act to be availed of by the assessee.
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The consideration that the loss in any year may be carried forward to the subsequent year and set off against the profits and gains in the subsequent year is a question that has to be determined by the assessing officer who deals with the assessment of the subsequent year.
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incriminating material found in survey
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No addition in respect of share application money when names and addresses of share holders were given to AO