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Section 153C of the Income-tax Act, 1961 - Assessment - Income of any other person - Where there is no seized material with investigating officials in case of searched person, assumption of jurisdiction under section 153C in assessee's case is not valid [In favour of assessee] In the search conducted in case of 'A' and its group, materials pertaining to 'on-money' payment made to the assessee in respect of property purchased from the assessee were seized. Based on that, the Assessing Officer issued a notice under section 153C to the assessee and reworked capital gain by adopting higher sale consideration. The Commissioner (Appeals) allowed the assessee's appeal holding that having regard to the fact that the Assessing Officer did not have the seized materials while taking up the assessment under section 153C, the assessment suffered from total lack of jurisdiction. The Tribunal upheld order of the Commissioner (Appeals). Held that since the revenue did not produce any material to show that the materials were available at the hands of the Assessing Officer at the time of issuing notice, rightly the Tribunal came to the conclusion that the assumption of jurisdiction went against the very tenor of section 153C. Patty B. Jeganathan for the Appellant. JUDGMENT Mrs. Chitra Venkataraman, J. - As against the order of the Tribunal, the Revenue is on appeal. It is seen from the order of the Tribunal that on the search conducted in the case of H. Anraj and group on November 25, 2003, materials pertaining to "on-money" payment paid to the assessee in respect of property purchased from the assessee were seized. Based on that, the Assessing Officer issued a notice under section 153C of the Income-tax Act, 1961. In the assessment, the Assessing Officer adopted the sale consideration at Rs. 24,50,000 as against Rs. 15 lakhs adopted and the fair market value as on April 1, 1981, was adopted at Rs. 300 per cent. as against Rs. 5,000 per cent. as claimed by the assessee and reworked the capital gains. Aggrieved by the same, the assessee preferred an appeal before the Commissioner of Income-tax (Appeals). The Commissioner of Income-tax (Appeals) held that there was no valid…

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