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2016 (10) TMI 1198 - AT - Income TaxAssessment u/s 153A - whether the addition can be made in non-abated assessments without there being any seized incriminating material? - Held that:- CIT Vs. Continental Warehousing Corporation reported in (2015 (5) TMI 656 - BOMBAY HIGH COURT) held that once an assessment was not pending but had attained finality for a particular year, it could not be subject to proceedings under section 153A of the Act, if no incriminating materials were found in the course of the search. No disallowance will survive as such disallowance was not made based on any incriminating material found in the course of search and all these assessments are admittedly, non-abated assessments. Thus, we delete the disallowance made in respect of interest paid and business expenses against interest income received from partnership in all these assessment years. - Decided in favour of assessee.
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