{"id":27796,"date":"2022-06-26T22:34:37","date_gmt":"2022-06-26T17:04:37","guid":{"rendered":"https:\/\/itatonline.org\/digest\/hitesh-ashok-vaswani-ors-v-dy-cit-2021-214-ttj-410-ahd-trib\/"},"modified":"2022-06-26T22:34:37","modified_gmt":"2022-06-26T17:04:37","slug":"hitesh-ashok-vaswani-ors-v-dy-cit-2021-214-ttj-410-ahd-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/hitesh-ashok-vaswani-ors-v-dy-cit-2021-214-ttj-410-ahd-trib\/","title":{"rendered":"Hitesh Ashok Vaswani &#038; Ors. v. Dy. CIT (2021) 214 TTJ 410 (Ahd.)(Trib.)"},"content":{"rendered":"<p>Tribunal held that\u00a0 search on 13 th March 2015.\u00a0 Documents prior to 1<sup>st<\/sup> \u00a0June, 2015\u00a0 are not belongs to the\u00a0 assessee only allegation of information belongs to assessee. All assessment orders are quashed. Tribunal also held that\u00a0 assessment u\/s 153A can be made\u00a0 only on the basis of material found during the course of search carried out against the assesee.\u00a0 Search was conducted on 13<sup>th<\/sup> March 2015 and prohibitory order was imposed on certain items. The limitation for passing the order was\u00a0 31<sup>st<\/sup> March, 2017, order was passed in the month of December\u00a0 2017 is held to be barred by limitation. Prohibitory orders passed in connection with lockers cannot be used for extending the time for the assessment under section 153B of the Act. Order was quashed.\u00a0\u00a0\u00a0 Materials discovered during search proceedings for period beyond six preceding assessment years can be used for invoking the provisions of section 147 of the Act. If recorded reasons do not match with actual addition,\u00a0 no\u00a0 addition can be made in the reassessment proceedings.\u00a0 Interest free loans given to partners\u00a0 it is not mandatory to charge interest\u00a0 as per the partnership deed. Addition cannot be made on notional basis. \u00a0(AY. 2009-10 to 2015\u00a0 16)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 153C : Assessment-Income of any other person-Search-Search on 13th March, 2015-Documents prior to Ist June, 2015-Not belongs to the  assessee-Allegation of information belongs to assessee-All assessment orders are quashed-Assessment u\/s 153A can be made  only on the basis of material found during the course of search carried out against the assesee-Assessment-Limitation-Time limit for passing order on 31st  March, 2017-Order passed in December 2017 is held to be barred by limitation-Reassessment-Materials discovered during search proceedings for period beyond six preceding assessment years can be used for invoking the provisions of section 147 of the Act-Recorded reasons do not match with actual addition-No addition can be made in the reassessment proceedings-Addition cannot be made-Interest free loans given to partners-Not mandatory to charge interest-Addition cannot be made on notional basis. [S. 5,  132, 132(3),  147, 148, 153A, 153B]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-27796","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7ek","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/27796","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=27796"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/27796\/revisions"}],"predecessor-version":[{"id":27797,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/27796\/revisions\/27797"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=27796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=27796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=27796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}