Held that the issue was whether capital gains earned by the assessees were to be treated as a genuine. In response to show-cause notices, the assessees submitted detailed evidence. In scrutiny cases of the sale of shares in company T, the gain earned by the assessee was accepted as a genuine by the Department itself. Out of those cases, two were in reassessment under section\u00a0147\u00a0of the Act and these assessment orders were framed after more than one year of the search. Therefore, the Department was not doubting the genuineness of the transactions. The Department was not in possession of any details which would authorise it to doubt the claim made by the assessees. Therefore, on the merits too, no addition was sustainable. In respect of one of the assessees, no search was carried out as his name was not available on the panchnama. Even the appearance of the assessee\u2019s name on the warrant of authorisation for a search would not suffice to say that a search was conducted on him. Therefore, no order under section\u00a0153A\u00a0could have been passed..(AY.2012-13, 2013-14, 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 153A : Assessment-Search-No incriminating material found in search-Alleged bogus long-term capital gains-Amalgamation approved by High Court-No evidence to prove transactions were bogus-Addition is deleted-No search on assessee-No assessment order could have been passed. [S. 10(38) 132, 133A] <\/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-45040","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bIs","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45040","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=45040"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45040\/revisions"}],"predecessor-version":[{"id":45041,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45040\/revisions\/45041"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=45040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=45040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=45040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}