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2014 (6) TMI 995 - HC - Income TaxProceedings initiated u/s 153A - non-availability of the books of accounts - Held that:- We notice that the Tribunal, on fact, found that assessment was done on the basis of the estimated income. It was found again that there is no incriminating material and in the course of search, no books of accounts and vouchers were found and it was admitted that the M.D. consequent to the completion of the assessments, the relevant books of accounts and vouchers were shifted to a godown and they were not able to locate the relevant books of accounts. We fail to understand when the assessment was made on the estimated income, how there can be relevancy of books of accounts and for that matter, non-availability of the books of accounts could be a factor to exercise the jurisdiction under Section 153-C of the Income Tax Act, 1961. The learned Tribunal, on appreciation of fact, correctly concluded that such exercise was not called for.
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