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2018 (3) TMI 1672 - AT - Income TaxValidity of assessment made u/s. 153A - no incriminating documents whatsoever was found/seized during search operation u/s 132 - addition u/s 68 - Held that:- It is a well settled position of law that when there are conflicting decisions of High Courts none of which is the jurisdictional High Court, then the decision in favour of the assessee should be followed. For this, we derive support from the decision of Hon'ble supreme Court in the case of CIT vs. Vegetable Products Ltd.[1973 (1) TMI 1 - SUPREME COURT]. Therefore, we are of the considered view that in an assessment made u/s.153A of the Act for an assessment year for which assessment has not been abated, then the jurisdiction of the Assessing Officer to make addition in such an assessment, is confined to such incriminating search material and no addition dehors the search material can be made. In the instant case, we find that the addition was made by the Assessing Officer on the sole ground that amount received on sale of investment of ₹ 9,94,50,000/- for the assessment year 2011-12 and ₹ 15,00,000/- for the assessment year 2012-13 were unexplained cash credit of the assessee. Thus, there is not reference to any search material by the Assessing Officer based on which such additions were made in the hands of the assessee. Therefore, we set aside the orders of lower authorities and delete the addition of ₹ 9,94,50,000/- for the assessment year 2011-12 and ₹ 15,00,000/- for the assessment year 2012-13, respectively and allow the grounds of appeal of the assessee.
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