ACIT, New Delhi vs. M/S. Rangoli Buildtech (P) Ltd., New Delhi
In the result, the appeal filed by the Revenue is dismissed
ITA 5015/DEL/2014[2007-08]Status: DisposedITAT Delhi22 Oct 2020AY 2007-08
Bench: Shri R.K. Panda & Shri Kuldip Singhassessment Year: 2007-08 Acit, Vs Rangoli Buildtech (P) Ltd., Central Circle-14, 1105, Akash Deep Building, New Delhi. Barakhamba Road, New Delhi. Pan: Aaccr8695P (Appellant) (Respondent) Assessee By : Shri Rakesh Gupta, Advocate & Shri Somil Agarwal, Ca Revenue By : Ms Sunit Singh, Cit-Dr Date Of Hearing : 14.10.2020 Date Of Pronouncement : 22.10.2020 Order Per R.K. Panda, Am: This Appeal Filed By The Revenue Is Directed Against The Order Dated 26Th March, 2014 Of The Cit(A)-33 New Delhi, Relating To Assessment Year 2007-08. 2. Facts Of The Case, In Brief, Are That The Assessee Is A Company Engaged In The Business Of Purchasing & Selling & Developing Of Real Estate. A Search & Seizure Operation U/S 132 Of The It Act, 1961 Was Conducted By The Investigation Wing Of The Department On 22.03.2011 In The Amtek Group Of Cases. The Premises Of M/S Excel Infotech Pvt. Ltd. & Others, 9, Tolstoy Marg, Connaught Place, New Delhi Was Also Covered U/S 132(1) Of The Income-Tax Act, 1961 Which Is A Group Company Of Amtek Group. The Documents Belonging To The Assessee, M/S Rangoli Buildtech Pvt Ltd, 1105, Akash Deep Building, Barakhamba Road, New Delhi- 110001 Were Also Found & Seized From The Premises Of M/S Excel Infotech Pvt Ltd & Others, 9, Tolstoy Marg, Connaught Place, New Delhi In Whose Name Search Warrant Of Authorization Was Issued. The Assessee'S Case Was Proposed For Centralization By The Investigation Wing For Coordinated Investigation & Assessment U/S 153C & Subsequently It Was Centralized With Central Circle- 14, New Delhi Vide Order F.No Cit(C) Centr/2012- 13/239 Dated 25.04.2012. Accordingly Notice U/S 153C Of The Income Tax Act Was Issued To The Assessee On 08.11.2012. In Response To The Said Notice, The Assessee Filed Return Of Income On 05.02.2013 Declaring A Loss Of Rs.6,89,710/-.
For Appellant: Shri Rakesh Gupta, Advocate &For Respondent: Ms Sunit Singh, CIT-DR
Section 132Section 132(1)Section 153C
…fore the provisions of section 153C of the Act can be invoked, the AO of the searched person must be satisfied that the seized material does not belong to the searched person. The Hon’ble Delhi High Court in the case of Canyon Financial Services Ltd. vs. ITO, 399 ITR 202, has held that in absence of conclusion either in satisfaction note that the seized documents mentioned there in belonged not to the searched person, but, to the assessee makes the 153C proceedings invalid. We find, the Hon’ble Delhi High Court in the case of ARN Infrastructure India Ltd. (supra) has held that the amendment to Section 153C of the…
