TMI Blog2023 (12) TMI 92X X X X Extracts X X X X X X X X Extracts X X X X ..... dian Evidence Act where the assessee has failed to furnish explanation or documentary evidences in support of its claim CIT(A) has deleted the impugned addition made u/s 68 of the Act on the ground that no addition can be made in the absence of any incriminating material found during the course of search in the case of unabated assessment - HELD THAT:- We find no infirmity in the finding of the Ld. CIT(A) in this context. It is also evident that as per the provisions of section 153C it is mandatory that the Ld. AO of the searched person should have recorded satisfaction. In the present case in hand it is evident that AO was unable to conclusively state that satisfaction note was duly recorded. In the case of failure to prove that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2.2019 and notice u/s 142(1) dated 15.12.2019 was issued and served upon the assessee. 5. The Ld. AO passed the assessment order dated 28.12.2019 u/s 143(3) r.w.s. 153C of the Act by determining the total income at Rs. 9,39,55,000/- after making an addition of ₹9,39,55,000/- u/s 68 of the IT Act, being the share premium received by the assessee from various entities during the impugned year. 6. The assessee was in appeal before the Ld. CIT(A) challenging the assessment order and the addition made by the Ld. AO. The Ld. CIT(A) deleted the impugned addition by holding that there was no incriminating material found and seized during the search thereby holding that the AO had no jurisdiction to make the impugned addition. 7. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . AO had during the reassessment proceedings had not found any discrepancy in the source of said share premium. The Ld. AR also contended that there was no incriminating material seized during the search proceeding and since the impugned year falls under the unabated assessment there can be no addition made by the Ld. AO without any incriminating material. The Ld. AR relied on the various decisions of Hon ble High Courts and the Coordinate Benches. 10. As a rejoinder to the argument of the Ld AR, the Ld. DR had replied to the bench that whether the satisfaction note was recorded while issuing notice u/s 153C was not found from the records and that the Ld. AO had given written submission that same was not traceable from the record of asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted and that the Ld. AO could not have made addition in the absence of any incriminating material found and seized during the course of search. It is also pertinent to point out that the Ld. CIT(A) has held that placing reliance only on the statement cannot be a corroborative evidence in the absence of any incriminating materials found during the course of search. The Ld. CIT(A) has deleted the impugned addition made u/s 68 of the Act on the ground that no addition can be made in the absence of any incriminating material found during the course of search in the case of unabated assessment. We find no infirmity in the finding of the Ld. CIT(A) in this context. It is also evident that as per the provisions of section 153C it is mandatory that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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