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2015 (11) TMI 1439 - AT - Income TaxAssessment under section 153C - Disallowance on account of administrative & other overheads - plea of the assessee was that for the year under consideration the return filed by the assessee having been deemed to be processed under section 143(1) of the Act, in the absence of any notice issued under section 148 of the Act it attained finality - Held that:- The return of income having been filed in 2011, proceedings have reached finality by 2013 on which date the officer, to whom the matters were transferred, had not initiated proceedings and thus the assessment can be said to have attained finality. Even otherwise it is not in dispute that there was no incriminating material found during the course of search in respect of the assessee herein and in fact no addition was made by AO on the strength of the documents seized, in this assessment year. Under identical circumstances the ITAT 'SMC' Bench - in the case of Empire Mall Ltd. (2015 (11) TMI 1358 - ITAT MUMBAI) wherein held that the proceedings initiated under section 153C are not valid and therefore the assessments made thereon were quashed. Consistent with the view taken by the ITAT in the aforecited cases I hold that the proceedings initiated under section 153C and the assessment made in the instant case is also not valid in as much as there is no incriminating material found during the course of search, pertaining to A.Y. 2011-12. Since the notice issued under section 153C is held to be invalid, the assessment made thereon has no legs to stand and therefore it is not necessary to deal with other disallowance. - Decided in favour of assessee
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