A search action was conducted, and assessment proceedings were initiated under section 153A against assessee involving two transactions. Assessing Officer made an addition of 100 per cent in respect of one transaction and 20 per cent in respect of other transaction. Commissioner (Appeals) reduced said additions to 15 per cent in relation to both transactions. Tribunal, upon appeal by the assessee, quashed additions, holding that no incriminating material was found during search and, therefore, assumption of jurisdiction under section 153A itself was invalid. On appeal, the Court held that since the Tribunal\u2019s decision was based on the decision of the jurisdictional High Court in CIT v. Continental Warehousing Corporation (Nhava Sheva) Ltd.\u00a0[2015] 232\u00a0Taxman\u00a0270\/374 ITR 645 (Bom)(HC)\u00a0 as approved by Supreme Court in Pr. CIT v. Abhisar Buildwell (P.) Ltd\u00a0[2023] 293\u00a0Taxman\u00a0141\/454 ITR 212 (SC), no substantial question of law arose from the Tribunal\u2019s order<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 153A: Assessment-Search or requisition-No incriminating material-Order of Tribunal deleting the addition was affirmed-No substantial question of law. [S. 132, 260A] <\/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_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-64175","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gH5","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64175","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=64175"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64175\/revisions"}],"predecessor-version":[{"id":64176,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64175\/revisions\/64176"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=64175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=64175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=64175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}