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2014 (4) TMI 966 - AT - Income TaxDeletion of disallowance u/s 24 of the Act – Expenses of interest on borrowed capital – Whether the addition cane be made u/s 153A/153C of the Act without any incriminating documents - Held that:- CIT(A)’s order is quite elaborate and he has clearly established nexus between interest on borrowed capital and rental income and as per the provisions of section 24 the same was allowable - in terms of section 24 of the Act the interest paid is allowable as a deduction - there was no infirmity in the order of CIT(A) – No addition can be made u/s 153A/153C in case of completed assessment wherein no incriminating document is found during search, it has been consistently held by the CIT(A) that in respect of completed assessments, no additions can be made u/s 153A in the absence of incriminating material found during search - Decided against Revenue.
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