Zenith Portfolio and Insurance Advisors Pvt. Ltd Vs. DCIT

Parties Involved

Facts Summary

The assessee, Zenith Portfolio and Insurance Advisors Pvt. Ltd, filed its original return of income for the assessment year 2013-14 declaring a total income of Rs. 5,01,890/-. A search and seizure operation was conducted on the Dinesh Tyagi group on 16-05-2018, during which various incriminating documents were allegedly seized from the residence of Shri Ram Avatar Agarwal, pertaining to the assessee. A satisfaction note dated 17-12-2021 was recorded by the Assessing Officer (AO) after reviewing the seized documents. A notice under section 153C of the Income-tax Act, 1961 was issued on 29-09-2021, prior to the recording of the satisfaction note. The assessee filed objections on 24-01-2022 after receiving the satisfaction note on 18-01-2022. The assessment order under section 153C, read with section 144 of the Act, was passed on 31-03-2023, determining the total income of the assessee at Rs. 1,20,90,390/- by making an addition of Rs.1,15,88,500/- on account of alleged cash payment made against the purchase of properties.…

Legal Issues

• 1. Whether the assessment for the assessment year 2013-14 could have been taken up for assessment by initiating proceedings under section 153C of the Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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