AI Structured Summary
Not yet generated for this judgment
Judgment
Per Satbeer Singh Godara, Judicial Member:
This Revenue’s appeal and assessee’s cross obje ction i.e . ITA No. 3607/Del/2025 and CO No. 114 /Del/2025 for Assessment Year 2013-14, arises against the CIT(A)-24, New Delhi’s DIN & order No. ITBA/APL/M/250/2024-25/1073629429(1) dated 24.02 .2025, in proceedings u/s 153C of the Income Tax Act, 1961 (in short “the Act”).
Heard both the parties at length. Case files perused.
It transpires at the outse t that there arises the first and foremost issue of validity of the learned Assessing Officer’s section 153C r.w.s. 143(3) assessment itself dated 26.03.2023 as quashed in the lower appe llate discussion. This is for the precise reason that he has bee n himself very fair in making it clear at page 11 of the assessment order that no entry in the corresponding seized material alleged to be be longing to the assessee pertaining to the rele vant financial year 2012-13 had been found or seized in the course of search. This clinching factual position has go ne un-rebutted fro m the Revenue side.
Faced with this situation, learned CIT-DR vehemently argues that the Assessing Officer had indee d carrie d out detailed enquiries and investigation(s) whilst making the impugned addition(s) in the assessee’s hands. We find no merit in the Revenue’s arguments once it has come on record that the seize d mater ial pertaining to the assessment year 2016-17 nowhere indicated the assessee’s undisclosed income so as to trigger the proceedings u/s 153C of the Act. Hon’ble jurisdictional high cour t’s recent landmark decision in Saksham Commodities Ltd. v.ITO (2024 ) 464 ITR 1 (Del.) has further settled the issue in the assessee’s favour and against the department that such a satisfaction note recorde d u/s 153C of the Act without indicating the relevant assessment year’s income liable to be assessed is not sustainable in law. We thus find no reason to interfere with the learned CIT(A)’s detailed discussion quashing the impugned assessment. The Revenue fails in it’s instant appeal ITA No. 3607/Del/2025 therefore .
The asse ssee’s cross objection CO No. 114/Del/2025 is dismissed as rendered infructuo us.
To sum up, this Revenue’s appeal ITA No. 3607/Del/2025 is dismissed and the assessee’s cro ss objection CO No. 114/Del/2025 is dismissed as rendered infructuo us. A co py of this common order be placed in the respective case files.