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2016 (2) TMI 1060 - AT - Income TaxAssessment u/s 153A - disallowance of the claim of the interest expenditure incurred by the assessee on loans borrowed against the interest income - Held that:- We uphold the orders of the CIT(A) and delete the additions made on account of disallowance of the claim of the interest expenditure incurred by the assessee on loans borrowed against the interest income on the short ground itself by holding that completed assessments can be interfered with by the AO while making assessment under section 153A of the Act only on basis of some incriminating material unearthed during the course of search which was not produced or not already disclosed or made known in course of original assessment and undisclosed income or property discovered in course of search , while in the instant appeal the AO has in the assessments framed vide orders dated 31.12.2009 u/s. 153A read with Section 143(3) of the Act in pursuance to the first search on 19.07.2007 has duly examined and allowed the claim of the assessee for deduction of interest of ₹ 47,22,282/- being interest paid on loan borrowed against the interest income earned on loans advanced by the assessee and no new incriminating material has been found or unearthed during the course of second search on 29-03-2011 . See Commissioner of Income Tax (Central) -III Versus Kabul Chawla [2015 (9) TMI 80 - DELHI HIGH COURT ] - Decided in favour of assessee
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