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01-03-2019, L.S. Developers, Section 153C, 132(1), 69, Tribunal Mumbai

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2 months 2 weeks ago #8729 by amit
Section - 153C, 132(1), 69
Order Date - 01-03-2019
Favouring - Assessee
Court - Tribunal Mumbai
Appellant - DCIT
Respondent - L.S. Developers
Citation - 219Taxpundit159
Appeal No. - ITA No. 4826/Mum/2017
Asstt. Year - 2006-07



This appeal filed by the Revenue is arising out of the order of Commissioner of Income Tax (Appeals)-49, Mumbai [in short CIT(A)], Appeal No. CIT(A)-49/IT-63,64 &65/2013-14 vide order dated 20.04.2017. The Assessment was framed by the Asst. Commissioner of Income Tax, Central Circle-41, Mumbai (in short ‘ACIT/ITO/ AO’) for the A.Y. 2006-07 vide order dated 1.03.2013 under section 143(3) read with section 153C of the Income Tax Act, 1961 (hereinafter ‘the Act’).

2. The only issue in this appeal of Revenue is against the order of CIT(A) quashing the assessment as well as noticed issued under section 153C of the Act without appreciating the facts. For this Revenue has raised the following two grounds: -

“1. "Whether on the facts and circumstances of the case and in law, the Id. CIT(A) was justified in quashing the notice issued u/s 153C of the Act as well as the assessment order dated 11. 03.2013 u/s 143(3) r.w.s. 153C of the Act without appreciating the fact that the A.O. of the searched person and A O. of the person and A.Q. of the other person is the same and satisfaction note is recorded in the case of other person before assuming jurisdiction."

2. Whether on the facts and circumstances of the case and in law, the Id. CJT(A) was justified in quashing the notice issued u/s 153C of the Act as well as the assessment order dated 11. 03.2013 u/s 143(3) r.w.s. 153C of the Act without appreciating the fact that section 153C does not require A.Q. in searched person to prepare two satisfaction notes when the A. 0. is same for both.”

3. We heard the rival contentions and gone through the facts and circumstances of the case. The facts are that a search and seizure operation u/s 132(1) of the Act was conducted in the case of Shri Subhash Deshmukh and his group companies by the department on 28.03.2011. However, based on certain seized documents, found during the course of search, a sum of Rs.1,50,00,000/- was offered for taxation in A.Y. 2011-12 on account of undisclosed on-money. Notices u/s.153C of the Act were issued to the assessee on 15.06.2012 and served, requiring it to file returns of income for six assessment years including the assessment year under consideration. In response to notice issued u/s 153C, the assessee filed its return of income on 22 10.2012 declaring total income at Rs. Nil. Notices u/s.143(2) and 142(1) were issued and served on the assessee. Total income was assessed at Rs 1,25,00,000/- on account of unexplained investments u/s 69 of the Act. The learned Counsel for the assessee took us through the satisfaction recorded in the case of assessee, the facts narrated by CIT(A) in Para 5.3.1 as under: -

“5.3.1 I find that search u/s 132 was conducted in the case of Shri Subash Deshmukh on 28.03.2011 and notice u/s 153C was issued to the appellant firm on 15.06.2012 after recording following reasons/ satisfaction:-

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