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2014 (3) TMI 321 - AT - Income TaxValidity of assessment made u/s 153A of the Act – No incriminating material found during the search action u/s 132 of the Act – Held that:- The decision in The ACIT Cent. Cir. 33, Mumbai Versus Shri Jayendra P. Jhaveri [2014 (2) TMI 1131 - ITAT MUMBAI] followed - the return was processed u/s. 143(1) of the Act but the same has attained finality due to the expiry of limitation period of twelve months from the end of the month in which the return was filed - the assessment is deemed to be completed and not pending on the date of search - no incriminating material was found from the premises of the assessee during the search u/s. 132 of the Act. In Jai Steel (India) v. ACIT [2013 (6) TMI 161 - RAJASTHAN HIGH COURT] it has been held that in case nothing incriminating is found on account of search or requisition, the question of reassessment of the concluded assessment does not arise - it is not open to the assessee to seek deduction or claim expenditure which has not been claimed in the original and already concluded assessment, in the case of assessment u/s. 153A in pursuance of search action - reassessments made by the AO u/s 153A in the case in which the assessments have already been concluded, without any incriminating material being found during the search action conducted u/s 132 of the Act, are liable set aside – thus, the additions made by the AO in assessments proceedings u/s 153A also set aside – Decided in favour of Assessee.
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