The Income Tax Appellate Tribunal (ITAT), Jaipur Bench held that no fresh addition can be made for assessment already completed after proper enquiry on absence of incriminating material.
The original return of income was filed by assessee, M/s N. M. Agrofood Products Pvt. Ltd declaring total income at Rs.1,33,69,670/- for the Assessment Year 2012-13. Thereafter, the case of assessee was selected for scrutiny, accordingly, the assessment u/s 143(3) of the Income tax Act, 1961 was completed on 25.03.2015 and thus, the assessment was completed in this case as on the date of search and income was assessed at Rs. 1,34,11,740/-. After giving effect of CIT(A) in the first quantum proceeding, the income was reduced to Rs.1,33,83,700.
The Counsel appearing for the assessee, P. C. Parwaland the findings of the CIT(A), who has after considering the facts on record taken a consideredview that the looking to the facts of the case on technical ground, he has considered the appeal of the assessee and before giving his findings he has called for the remand report also and the equal chance were given to revenue place their case.
The Counsel appearing on the behalf of the revenue,Sanjay Dhariwal has merely relied on the investigation done at the time of search simultaneous survey conducted in the investor company. In all these processes we have not seen any reasons as to why and how the order of the CIT(A) is not correct.
The Bench consisting of Dr S Seethalakshmi, Judicial Member and Rathod Kamlesh Jayantbhai, Accountant Member observed that “As the CIT(A) has after considering the details arguments of both the parties clearly taken a view that there is no incrementing material, no addition can be made for the assessment which are already completed after making the proper enquiries by the AO, and those assessment cannot be allowed to again reframed merely based on the search and that too without any fresh evidence. Merely the surveys conducted parties are not available after 8 years it is not the fault of the assessee and without any fresh material unearthed during search no fresh addition can be made on the issue which are already settled.”
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