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2023 (3) TMI 1184 - ITAT DELHIAssessment u/s 153A - Second round of appeal before ITAT - unexplained source of source of Share Capital and Share Premium u/s 68 - proof of adverse material found during the course of search or post search inquiries to establish that the assessee has received any bogus share capital or share premium - HELD THAT:- ITAT in its order in the first round had come to a conclusion that there was no material found by the AO in the first round which can be said to be cogent enough to fasten the liability of bogus share capital or share premium upon the assessee. Furthermore, subsequent to the first round of proceedings before the AO and CIT(A), there was a search and seizure activity. The provisions of the Act clearly provide that in such eventuality, all the assessment proceedings shall abate and fresh assessment will be done by the AO u/s 153A of the Act. As already noted by the ITAT, no adverse material was found during the course of search or post search that the assessee had received any bogus share capital or share premium. ITAT had only given Revenue a chance to go through the material and to link them with the assessee. AO has not found any adverse material pursuant to the directions of the ITAT and ld. CIT (A) is correct in holding that pursuant to the remand of the ITAT, AO has not done anything but copy and paste its earlier order. No infirmity in the order of the ld. CIT (A) in complying with earlier ITAT direction that if nothing adverse is found subsequent to the remand the addition shall stand deleted. Accordingly, we uphold the same.Appeal of the Revenue stands dismissed.
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