M/s. Sheel Chand Agroils (P) Ltd., New Delhi V. ACIT, Haldwani

ITA 3065/DEL/2017

• Counselvise Citation: [2021] 104 COUNSELVISE.COM (IT) 7072 (ITAT-DEHRADUN)
• Duration Of Justice: 4 year(s) 6 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-12-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2011-2012
• Appeal Filed On: 15-05-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: RAKESH GUPTA
• Keywords: Unexplained cash credit
• Section: 132; 142(1); 80IC; 143(2); 80IC; 153C

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DEHRADUN BENCH, NEW DELHI Before Sh. Amit Shukla, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 3065/Del/2017 : Asstt. Year : 2011-12 M/s Sheel Chand Agroils (P) Ltd., C/o M/s RRA Taxindia, D-28, South Extension, Part-I, New Delhi-110049 Vs ACIT, Circle-1, Haldwani (APPELLANT) (RESPONDENT) PAN No. AAECS6866P Assessee by : Sh. Rakesh Gupta, Adv. Revenue by : Sh. N. S. Jangpangi, CIT DR Date of Hearing: 10.11.2021 Date of Pronouncement: 03.12.2021 ORDER Per Dr. B. R. R. Kumar, Accountant Member: This appeal has been filed by the assessee against the order of the ld. CIT(A), Haldwani dated 30.03.2017. 2. A search & seizure operation was conducted on one Shri R. S. Yadav u/s 132A of the Income Tax Act, 1961 on 06.01.2012. An amount of Rs.7,57,600/- was seized during the course of search. Sh. R.S. Yadav stated that the amount in fact belongs to the assessee and carrying at their behest. Hence, the case of the assessee was transferred to ACIT, Circle-1, Haldwani on 10.02.2014. Thereafter, as per the Assessing Officer, the proceedings u/s 153C of I.T. Act were initiated by issue of notice u/s 153C on 09.02.2015 and the assessment has been completed u/s 153C on 30.01.2015 for the A.Y. 2011-12 disallowing deduction u/s 80IC, making addition on account of unexplained credits. ITA No. 3065/Del/2017 Sheel Chand Agroils (P) Ltd. 2 3. Facts relevant to the adjudication of the case are that: • Issue of notice u/s 153C – 09.02.2015 • Issue of notice u/s 142(1) – 05.03.2015 • Date of search u/s 132 – 06.01.2012 (A.Y. 2012-13) • Date of receipt of documents – 10.02.2014 (A.Y. 2014-15) • Date of deemed search – 10.02.2014 (A.Y. 2014-15) • Six preceding years – 2008-09 to 2013-14 • Due date of filing of return for A.Y. 2011-12 – 31.08.2012 • Due date for issue of notice u/s 143(2) – 31.08.2013 • Hence, the case of the assessee cannot be treated as abated assessment. • Hence, no addition can be made in the absence of seized material. • On going to the record before us, it is undisputed that the addition made on account of 80IC and cash credits is devoid of any material found and seized during the search. • Hence, the addition made on account of 80IC and cash credits in the unabated assessment cannot be held to be legally valid. 4. In the result, the appeal of the assessee is allowed. Order Pronounced in the Open Court on 03/12/2021. Sd/- Sd/- (Amit Shukla) (Dr. B. R. R. Kumar) Judicial Member Accountant Member Dated: 03/12/2021 *Subodh Kumar, Sr. PS* Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(Appeals) 5. DR: ITAT ASSISTANT REGISTRAR