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2018 (6) TMI 1550 - AT - Income TaxUndisclosed investment - assessment u/s 153A - Held that:- It is pertinent to note that in present case on 17.08.2011, a search and seizure action has undertaken in the case of AEZ group during this search it is alleged that the assessee invested an amount of ₹ 25,20,884/-via cash in M/s Indrapurarn Habitat Center Pvt Ltd. Thereafter, a search action was also undertaken in the case of assessee on 10.02.2012. No evidence supporting the case of revenue vis-a-vis investment in cash in Indrapurarn Habitate Center was found. AO issued notice to the assessee asking the source of alleged investment. During the course of assessment proceedings, the assessee explained that assessee had not invested anything in the alleged property. AO relied upon the confession of some I.E. Soomar and made the addition in the hands of the assessee. The said confession and the said Group search is already taken into account in co-investor’s case by this Tribunal. See PR. COMMISSIONER OF INCOME TAX CENTRAL-2, NEW DELHI VERSUS SUBHASH KHATTAR [2017 (7) TMI 1091 - DELHI HIGH COURT] wherein held AO was not justified in assuming jurisdiction u/s 153A and authorities below ere also not justified in making and sustaining the addition in question merely on the basis of a hard disc found during the course of search at the premises of Aerens Group without any corroborative evidence in support. We thus hold that the assessee/appellant succeeds on both the above issues, i.e. on validity of assumption of jurisdiction u/s 153A and the addition in question. The grounds involving the above issues are accordingly allowed - Decided in favour of assessee.
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