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2023 (4) TMI 365 - AT - Income TaxAddition u/s 69A - additional income in settlement before the Settlement Commission - HELD THAT:- CIT(A) has deleted the addition u/s. 69A following the order in the case of M/s. Indiabulls Financial Services Ltd. [2022 (11) TMI 1164 - ITAT MUMBAI]. The Co-ordinate Bench has upheld the findings of CIT(A) in deleting the addition on the ground the amount has already been considered in income of the assessee and other entities, before the Settlement Commission. Thus, in facts of the instant case, we do not find any infirmity in the findings of CIT(A) on this issue, hence, the same are upheld and ground No.1 to 3 of the appeal are dismissed. Assessment u/s 153A - Addition on account of accrued interest on FDR - HELD THAT:- It is an undisputed fact that on the date of search no assessment was pending for the impugned assessment year. A bare perusal of the assessment order shows that there is no reference to any incriminating material. In the case of CIT vs. Continental Warehousing Corporation (Nhava Sheva) Ltd. [2015 (5) TMI 656 - BOMBAY HIGH COURT] has held that where there is no pending assessment and no incriminating material is found during search, no addition can be made in assessment proceedings u/s. 153C r.w.s. 143(3) Addition invoking proviso to section 79 in assessment proceedings u/s 153C - Whether CIT(A) has erred in holding that it is a case of unabated assessment? - HELD THAT:- The assessee is a subsidiary of Indiabulls group. A perusal of the assessment order would show that the addition made u/s. 79 of the Act is not based on any incriminating material found and seized during the course of search. In so far as the argument of the ld. Departmental Representative that it is a case of abated assessment, the same is unsubstantiated, hence rejected. In absence of any incriminating material coupled with the fact that it is a case of unabated assessment, no addition could have been made by the Assessing Officer based on any material which was already available on record at the time of regular assessment [Re. CIT vs. Continental Warehousing Corporation (Nhava Sheva) Ltd. [2015 (5) TMI 656 - BOMBAY HIGH COURT] Appeal by the Revenue is dismissed
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