ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, BAREILLY, BAREILLY vs. HARSAHAIMAL SHIAMLAL JEWELS (BUDAUN) PRIVATE LIMITED, BAREILLY

ITA 604/LKW/2025Status: DisposedITAT Lucknow15 July 2026AY 2012-1316 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that since the original assessment under Section 143(3) had already been completed and the issue of share capital was examined and accepted, the subsequent addition under Section 153A based on the same material amounted to a 'change of opinion', which is not permissible. The Tribunal also noted the absence of incriminating material found during the search to justify the reassessment.

What were the facts?

During a search operation, the Assessing Officer (AO) noticed a credit of Rs. 60,00,000/- as share capital and premium. The AO treated this as an unexplained cash credit under Section 68. The assessee argued that the investor company was a sister concern and the transaction was examined and accepted in the original assessment.

What were the issues?

Whether an addition under Section 68 can be made in a search assessment under Section 153A when the issue was already examined and accepted in a completed regular assessment under Section 143(3) without any new incriminating material.

Which sections of the Income-tax Act were involved?

Section 68,Section 153A,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, LUCKNOW BENCH “A”, LUCKNOW

Before: SHRI KUL BHARAT & SHRI NIKHIL CHOUDHARY

PER KUL BHARAT, VICE PRESIDENT.: This appeal, by the Revenue, is directed against the order of the Learned Commissioner of Income tax (Appeals)-3, Lucknow dated 27.06.2025, pertaining to the assessment year 2017-18. The Revenue has raised the following grounds of appeal: - “1. On the facts and in circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition of

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 68

All 29,931 judgments and leading authorities on Section 68 →

Latest GST High Court judgments

Search GST case law →