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PCIT v. Welspun India Ltd. (2024) 301 Taxman 575 (Bom.)(HC)

S. 153A : Assessment-Search or requisition-Search had been conducted on 13-10-2010 and assessments in question were for year 2005-06 to 2007-08 which had been unabated/concluded as on date of search-Assessing Officer is precluded from making any addition to return of income, in absence of incriminating material found as a result of search-The completed/unabated assessments can be reopened by the Assessing Officer in exercise of powers under section 147/148 subject to fulfilment of conditions as envisaged under the said provisions and as may be permissible in law. [S. 132,132A 147, 148, 260A]

A search was conducted on 13-10-2010 and the assessments in question were for the year 2005-06 to 2007-08 which had been unabated/concluded as on the date of the search. The Assessing Officer made addition to the return of income. On appeal, the Tribunal held that the Assessing Officer was precluded from making any addition to the return of income, in the absence of incriminating material found as a result of search for unabated/concluded assessments. On appeal High Court affirmed the order of the Tribunal. High Court also clarified that the completed/unabated assessments can be reopened by the Assessing Officer in exercise of powers under section 147/148 subject to fulfilment of conditions as envisaged under the said provisions and as may be permissible in law. Relied on

 CIT v. Continental Warehousing Corporation (Nhava Sheva) Ltd. [2015] 232 Taxman 270/374 ITR 645 (Bom)(HC), Pr. CIT (Central) v. Abhisar Buildwell (P.) Ltd. [2023]293 Taxman 141/454 ITR 212 (SC) (AY. 2005-06 to 2007-08)