Dismissing the appeal of the Revenue the Court held that the assessment in the case of each of the assessees was made under section 153C of the Act, and in none of the cases was any incriminating material found during the search either from the assessee or from a third party. Order of High Court is affirmed. Court also held that the Department at liberty to initiate reassessment proceedings in accordance with law. Relied on PCIT v. Abbhisar Buildwell P. Ltd (2023) 454 ITR 212 (SC)) (AY. 2002-03, 2005-06, 2006-07)
Dy. CIT v. U. K. Paints (Overseas) Ltd. (2023)454 ITR 441/ 294 Taxman 72 / 334 CTR 217 (SC) Editorial : From the Judgement of Delhi High Court, ARN Infrastructure Ltd v.ACIT (2017) Delhi)(HC), BJN Holdings lTD v. Dy.CIT (2020) 15 ITR-OL 408 (Delhi)(HC), PCIT v. Ankush Salija (2019) 419 ITR 431 (Delhi)(HC), ITA No. 904 pf 2017 dt 30-10-2017, ITA No. 73 of 2017 dt. 6-3-2019 (Bom)(HC), ITA No. 1252 & 1251 of 2016 dt. 4-1-2019 (Bom)(HC)
S. 153C : Assessment-Income of any other person-Search-No incriminating material is found-Deletion of addition is justified-Department at liberty to initiate reassessment proceedings in accordance with law.[S. 132, 147, 148]