Assessee is an individual. during the course of search with his brother and his companies on Aug.2013 following documents were found .<\/p>\n
a. Cash deposit slip about deposit of cash 1050000\/- by the said co.<\/p>\n
b. Gift deed for gift of shares in Pvt. limited co\u00a0 by the assessee to his father. and other relatives were found.<\/p>\n
on the basis of these documents\u00a0 Notice U\/Sec.153C was issued in jan 2016 for A.Y. 2008-09 to 2013-14. while recording the satisfaction the AO has stated that from verification of seized documents it reveals that assessee has certain undisclosed income\u00a0 for the A.Y. 2013-14. Verification of seized documents revels cash deposits and gifts given by assessee and assessee has not filed his return of Income for A.Y. 2013-14.<\/p>\n
Assessee submitted the following explanation:<\/p>\n
Documents sized do not indicate any cash deposits by the assessee , the documents relied up on by the AO for cash deposits is in facts of the belongs to CO.<\/p>\n
Gift deed of shares are notarised and accepted in the hands of co as valid transfer and they do not indicate that there is cash involvement of cash transaction.<\/p>\n
As regards to non filling of Return assessee submitted that since his return was below taxable limit he has not filed the the same and which is evident from the ROI filed in response to Notice U\/Sec.153C the taxable income is at Rs.199920.10.<\/p>\n
There are no incriminating documents which has bearing on undisclosed income of the assessee.<\/p>\n
Accordingly it is submitted that the Notice issued U\/SEc. 153C and assessment order passed by the AO is bad in law ,however the both the AO as well as CIT A has held that since the above documents are found during the search proceedings initiated U\/sec.153C are valid with out assigning any valid reasons as to how these documents are incriminating?<\/p>\n
when the AO has not shown the single documents which was seized during the course of search with the companies about the cash transaction or cash deposits with Bank by the assessee, whether proceedings U\/SEc. 153C is valid ?<\/p>\n
Is there any other defence which Assessee can take before the ITAT apart from validity of the assessment?<\/p>\n
pl . guide<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[515],"qa_category":[23],"qa_tag":[158,202],"class_list":["post-27229","qa","type-qa","status-publish","hentry","qa_expert-dr-k-shivaram-senior-advocate","qa_category-income-tax","qa_tag-incriminating-documents","qa_tag-search-assessment"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/27229","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=27229"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=27229"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=27229"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=27229"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=27229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}