Dismissing the appeal of the Revenue the Tribunal held that the Assessing Officer has not referred to any incriminating material found during the search. In this view of the matter, the Commissioner (Appeals) was correct in holding that the addition was not sustainable. The fact that the Department had filed a special leave petition against the decision of the High Court in Kabul Chawla did not warrant not following its ratio. Order of CIT(A) is affirmed.(AY.2003-04, 2004-05)
Dy. CIT v. Apoorva Extrusion P. Ltd. (2022)100 ITR 7 (SN) (Delhi) (Trib)
S. 153C : Assessment-Income of any other person-Search-No incriminating material was found-Changing head of income from business income to income from other sources-Addition is not sustainable-Binding precedent-Pending of SLP-Ratio of High Court decision has to be followed. [S. 132]