DEPUTY COMMISSIONER OF INCOME TAX, MUMBAI vs. TECK CONSULTANCY AND SERVICES PRIVATE LIMITED, KOLKATA

ITA 675/MUM/2024Status: DisposedITAT Mumbai26 August 2024AY 2012-13Bench: IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E”, MUMBAI BEFORE SHRI AMARJIT SINGH (Accountant Member), SHRI ANIKESH BANERJEE (Judicial Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that regular books of account maintained during the normal course of business, even if seized during a search, cannot be treated as incriminating material for framing an assessment under section 153A for an unabated assessment year. The additions made by the AO were therefore not sustainable.

What were the facts?

The assessee company received unsecured loans and paid interest, which the Assessing Officer (AO) treated as bogus and added to income. A search was conducted, and the AO issued a notice under section 153A. The CIT(A) deleted the additions, holding that the regular books of account seized were not incriminating material.

What were the issues?

Whether regular books of account seized during a search can be considered incriminating material for assessment under Section 153A for an unabated year. Whether additions on account of unexplained cash credit and interest expenditure are valid when based on non-incriminating documents.

Which sections of the Income-tax Act were involved?

Section 153A,Section 143(3),Section 68,Section 69C,Section 132,Section 153C,Section 148,Section 147

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Cases cited in this judgment(3)Show list

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Heard together (2 matters)

I.T.A No.675/Mum/2024
C.O.No.55/Mum/2024

Read from the judgment's own cause title. This page is filed under one of them.

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E”, MUMBAI Income-tax, Private Limited, Kolkata 6th 3rd Floor, Merlin Chamber, 18, Room No.658, Floor, Aayakar Bhawan, M.K. Road, British India Street, Kolkata, West Mumabi-400 020 Bengal – 700 069 PAN : AABCT0581B APPELLANT RESPONDENT

C.O.No.55/Mum/2024 (Arising out of I.T.A No.675/Mum/2024) (Assessment Year: 2012-13)

Teck Consultancy and Services vs Deputy Commissioner of Income- Private Limited, Kolkata tax, 3rd Floor, Merlin Chamber, 18, Room No.658, 6th Floor, Aayakar British India Street, Kolkata, Bhawan, M.K. Road, Mumabi-400 West Bengal – 700 069 020 PAN : AABCT0581B APPELLANT RESPONDENT

Assessee by : Shri Vijay Mehta Respondent by : Shri Solgy Jose T Kottaram, CIT, DR

Date of hearing : 24/07/2024 Date of pronouncement : 26/08/2024 PER ANIKESH BANERJEE, J.M:

Instant appeal of the revenue and the cross objection of the assessee arefiled against the order of theLearned Commissioner of Income-tax (Appeals)- 50, Mumbai [for brevi

The order continues below.

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