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2017 (1) TMI 1685 - AT - Income TaxAssessment u/s 153A - as argued assessment done by AO without any incriminating documents - HELD THAT:- The assessment proceedings were completed before the date of search. Besides, the time limit to issue notice u/s.143(2) was also expired. In order to initiate assessment proceedings u/s.153A, there should be a new or incriminating document. The assessment which is already completed u/s.143(3)/143(1)should not be reopened. Therefore, considering the scheme of Section 132 and Section 153A, we are of the view that there should be some new document/incriminating document to invoke the provisions of Section 153A. DR for the revenue had pointed out that there is a direct nexus among the companies, which has been established by the statement of Mr.Naresh Kumar Chhaparia, which cannot be relied on, as he was a double speaking person. Therefore, considering the factual position and the judgments cited by ld. AR, we are of the view that the additions made by the AO u/s.153A and confirmed by the ld. CIT(A) needs to be deleted. Therefore, we delete the addition. Addition u/s.68 – (cash credit) on account of share application money/share capital - HELD THAT:- There is merit in the submissions of the assessee, as the propositions canvassed by the ld. AR for the assessee are supported by the judgments of the ITAT and Hon’ble High Courts. AR pointed out that statement of Shri Naresh Kumar Chhaparia should not be relied on because he was a double speaking person and later on he reiterated the statement by filing the affidavit. The share applicants have submitted the required document and evidences. The addition made by the AO u/s.68 is without any basis and without any incriminating material. The assessee has proved the identity, creditworthiness and genuineness of the transactions. Therefore, considering the factual position and the case law cited by ld. AR, we are of the view that the addition made by the AO u/s.68 and confirmed by the ld. CIT(A) needs to be deleted. - Assessee appeal allowed.
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