IN THE INCOME TAX APPELLATE TRIBUNAL “B”, BENCH KOLKATA

We adopt the above detailed reasoning mutatis mutandis to hold that both the lower authorities have heard in law in initiating section 153A proceedings against these two assessees since no regular assessment was pending against them u/s 153A(1) 2nd Proviso of the Act. Their returns filed within due date(s) already form part of record before us whereas the search took place on 08.03.2016. We make it clear that section 158BB of the Act does not apply since it formed part of the block assessment proceedings no more applicable after 01.06.2003. We therefore quash these two impugned assessments to be not sustainable in the eyes of law. The assessees’ other identical substantive grounds challenging correctness of section 68 addition of unexplained share capital on merits are rendered infructuous. These two appeals are allowed.    

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