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2016 (3) TMI 1279 - ITAT,DELHIInitiation of proceedings under sec. 153C - Undisclosed capital gain on sale of shares - Held that:- In the present case, there was no seized material (which includes document ) belonging to the assessee and when the assessment under sec. 143(3) accepting the sale consideration per share was already framed, invocation of provisions under sec. 153C of the Act in the present case was not valid. We hold so with this further finding that the assessment framed in furtherance to the such invalid initiation of proceedings under sec. 153C is also invalid and is quashed as void ab initio. The objection No.1 of the cross objection is thus decided and allowed in favour of the assessee. The remaining objection of the cross objection preferred by the assessee and the grounds of the appeal of the Revenue questioning the validity of deletion of addition of ₹ 4,50,00,000 made in the hands of the assessee on account of undisclosed capital gain on sale of shares of Bahal Sons Properties Pvt. Ltd., thus do not survive in view of the above findings on objection No.1 of the cross objection. These are accordingly disposed off.
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