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2023 (3) TMI 963 - AT - Income TaxAssessment u/s 153C - incriminating material unearthed during the course of search or not? - HELD THAT:- Addition made vide order passed u/s 153C r/w section 143(3) of the Act is not based on any incriminating material found during the course of the search, rather the same is apparently after going through the material i.e. return of income and computation of income, already available on record. There is no mention of any incriminating material found during the search and rather reliance is placed on CBDT guidelines to support the conclusion that the same is in the nature of business income. As regards the other comments from the appraisal report, which are mentioned in the remand report, we find that either the same do not pertain to the year under consideration or no addition has been made in the assessment order in the hands of the assessee. The existence of any incriminating material is also not evident from the perusal of the assessment order. As respectfully following the decision of Continental Warehousing Corporation (Nhava Sheva) Ltd. (2015 (5) TMI 656 - BOMBAY HIGH COURT] in absence of any incriminating material in the present case, we direct the AO to delete the addition made in the assessment order passed under section 153C r/w section 143(3) - Decided in favour of assessee.
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