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2013 (7) TMI 730 - ITAT MUMBAIWhether the assessment framed is bad, illegal, void and without jurisdiction, as the necessary conditions for assuming jurisdiction and/or for initiating the assessment and/or for completion of the assessment were not fulfilled - Held that:- The assessment completed cannot be held as bad in law on the issue that there was no material found during the course of search as the assessment has been completed u/S 153A, which is a new provision in the law by which it has been provided that the assessment for six years has to be completed independently - If there was any material then on the basis of material or any material gathered after search was to be considered while computing the assessment u/s153C - rejected the legal ground for all the three assessment years raised by the assessee after admitting the same as the ground raised was purely a legal ground. The next issue is against confirming the addition on the basis of valuation in respect of jewellery - on the basis of difference in valuation report - the addition should not have been made - the quantity of jewelley has already been shown in the earlier years - there is no difference in quantity of items as the difference is only on account of the valuation report. - Additions deleted. Whether confirming the addition on account of shoppers stop card is valid - most of the additions have been made in the routine manner as the issue has not been discussed in right perspective in taking into consideration the submission and other evidences filed -It is also a matter of fact that no incriminating material was found during the course of search as only during the assessment proceeding these expenses were found made through credit cards – Additions deleted. Whether confirming the addition of loan taken from an NRI businessmen in Russia -Held that:- There is no material to hold that the assessee has shown bogus loan - Similar addition was made for assessment year 2000-01 and after discussing the issue in detail, court deleted the loan shown by the assesse - For the same reasoning - Additions deleted. Whether confirming the addition on account of credit card payment made by the mother of the assesse - It is stated that the payment was made through credit card of her mother - This aspect has not been examined, therefore, to meet the end of justice – court remand the matter back to AO to examine this issue afresh – appeal decided in favour of assessee.
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