Sh. Rahul Bansal (HUF) Vs. ACIT, Central Circle-I, New Delhi

Parties Involved

Facts Summary

The assessee has raised its identical first and foremost legal ground challenging validity of the impugned section 153C assessments, all dated 30.03.2023 for the reason that the same are not based on any incriminating material found/seized during the course of search which forms a mandatory condition going by PCIT Vs. Abhisar Buildwell Pvt. Ltd. (2023) 454 ITR 212 (SC). The search in question stood carried out on 25.02.2021 in M/s. Lifeline Securities Pvt. Ltd. and Kundu group of cases. The satisfaction note at page 84 recorded under section 153C of the Act indicates in para 3.2 that it was 'during post search proceedings' only that the assessee’s karta Sh. Kamal Bansal made some alleged admission(s) that it had derived some bogus capital gains. All these three impugned assessment years 2016-17 to 2018-19 are 'unabated' assessments not based on any incriminating material pinpointed by the learned lower authorities.…

Legal Issues

• 1. Validity of the impugned section 153C assessments

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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