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2017 (4) TMI 1420 - ITAT DELHIAssessment u/s 153A - Addition u/s 68 - procurement of accommodation entries through share application money from non-descript companies - Held that:- Additions have been made by the AO despite the fact that there was no incriminating material (whether by way of statement or document or asset, etc.) unearthed during the course of search relevant for any assessment year. Also, no proceedings were pending for this assessment year on the date of search. In these facts and circumstances, we are of the considered view that the matter is squarely covered in favour of the assessee by precedent of Hon’ble Jurisdictional High Court in the case of Kabul Chawla (2015 (9) TMI 80 - DELHI HIGH COURT) In the absence of any incriminating material unearthed during the course of search, the AO had no jurisdiction to initiate proceedings u/s 153A of the Act when no assessment proceedings were pending for this. Assessment Year on the date of search. Accordingly, we hold that the assessment order dated 29.12.2011 u/s 143(3) r.w.s. 153A of the I.T.Act and the additions made therein were without jurisdiction. - Decided in favour of assessee.
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