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2017 (5) TMI 1356 - ITAT DELHIInitiation of proceedings u/s 153A - proof of incriminating material was found as a result of search conducted in the case of the assessee - addition u/s 68 - Held that:- In the present case, the assessee has been able to prove identity of the investors, their creditworthiness and genuineness of the transaction in the matter. Therefore, the authorities below should not have made or confirmed the addition of ₹ 5.75 crores in the hands of the assessee. In view of the above discussion, we set aside the orders of the authorities below and delete the addition DR in his written submissions referred to several documents which have been referred to CIT(A) in the impugned order to show various documents were found during the course of search in the case of the assessee. Therefore, it is not a case where no incriminating material found during the course of search. May be, this may not be relevant to the ultimate addition made on account of unexplained share application money received of ₹ 5.75 crores. Further, the search is conducted in the case of the assessee on 19.03.2012 and original return of income has been filed by the assessee after search on 30.03.2012. Therefore, there is no question of assessment already stood completed on the date of search. In view of the above sole reliance of the assessee on the decision Delhi High Court in the case of CIT vs Kabul Chawla (2015 (9) TMI 80 - DELHI HIGH COURT ) is clearly misplaced. This ground of appeal of the assessee has no merit, the same is accordingly dismissed - Decided partly in favour of assessee.
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