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10-01-2019, B.R. Associates, Section 68, 10(38), 131, Tribunal Delhi

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1 week 1 day ago #8340 by amit
Section - 68, 10(38), 131, 2(22)(e), 153A
Order Date - 10-01-2019
Favouring - Assessee
Court - Tribunal Delhi
Appellant - B.R. Associates Pvt. Ltd.
Respondent - ACIT
Justice - Amit Shukla JM & L.P. Sahu AM
Citation - 119Taxpundit136
Appeal No. - ITA Nos. 4964, 4965 & 4966/Del./2012
Asstt. Year - 2005-06, 2006-07 & 2007-08

Order

PER : L.P. Sahu A.M.:

All these appeals have been filed by the assessee against separate orders passed by the ld. CIT(A)XXXII, New Delhi dated 13.08.2012 for the assessment years 2005-06 to 2007-08 on the following grounds :

Grounds raised in A.Y. 2005-06:

1. On the facts and in the circumstances of the case, Id. CIT (A) erred:-

i) in holding that there was no infirmity in the action of the A.O. assuming jurisdiction and passing order u/s 153A/143 (3) of the Income-tax Act despite the fact that there was no undisclosed income and no materials found during the search showing undisclosed income;

ii) in declining to justly and fairly adjudicate Appellant’s contention that since there was no separate search warrant in Appellant's case the search operation u/s 132 was illegal;

iii) in holding that there was no violation of the principles of natural justice by the A.O in completing the assessment without giving adequate opportunity and issuing show cause regarding the additions made;

iv) in confirming the addition of Rs.2,05,00,742/- as unexplained cash credit u/s 68 of the I.T. Act ignoring the facts and material evidences to the effect that the amount was long term capital gain exempt u/s 10 (38) of the Act;

v) in confirming the interest charged by the AO u/s 234A and 234B of the Act. Above actions being arbitrary, erroneous and unjust be quashed with directions for relief.

Grounds raised in A.Y. 2006-07:

1. On the facts and in the circumstances of the case, Id. CIT (A) erred:-

i) in holding that there was no infirmity in the action of the A.O. assuming jurisdiction and passing order u/s 153A/143 (3) of the Income-tax Act despite the fact that there was no undisclosed income and no materials found during the search showing undisclosed income;

ii) in declining to justly and fairly adjudicate Appellant's contention that since there was no separate search warrant in Appellant's case the search operation u/s 132 was illegal;

iii) in holding that there was no violation of the principles of natural justice by the A.O in completing the assessment without giving adequate opportunity and issuing show cause regarding the additions made;

iv) in confirming the addition of Rs 86,15,583/- as unexplained cash credit u/s 68 of the I.T Act ignoring the facts and material evidences to the effect that the amount was long term capital gain exempt u/s 10 (38) of the Act;

v) in confirming the interest charged by the AO u/s 234A and 234B of the Act;

Above actions being arbitrary, erroneous and unjust be quashed with directions for relief.

Grounds raised in A.Y. 2007-08:

1. On the facts and in the circumstances of the case, Id. CIT (A) erred:-

i) In holding that there was no infirmity in the action of the A.O. assuming jurisdiction and passing order u/s 153A/143 (3) of the Income-tax Act despite the fact that there was no undisclosed income and no materials found during the search showing undisclosed income;

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