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2019 (6) TMI 1458 - AT - Income TaxAssessment u/s 153A - unabated assessments, where no incriminating evidences were found during the search - HELD THAT:- As during the original assessment U/s. 143(3), the information was there with the Assessing Officer regarding issue of share capital and share premium wherein the Assessing Officer issued notices U/s. 133(6) of the Act and all the investors have responded and therefore he did not make an addition. The search party did not find any new material except the share capital and share premium which had already been assessed by the Assessing Officer U/s. 143(3) of the Act, therefore in unabated assessment proceedings, in the assessee's case, there is no any whisper of incriminating material and therefore the addition should not be made. It is settled position of law that the Assessing Officer had no jurisdiction U/s. 153A of the Act to reopen the concluded assessment when the search and seizure did not disclose any incriminating material. Since the assessee's case under consideration is squarely covered by "M/s. A ONE Infra Projects Pvt. Ltd., [2019 (5) TMI 850 - ITAT KOLKATA] and the Ld. DR for the revenue has failed to controvert the findings of the order of the Co-ordinate Bench of IT AT, Kolkata (supra), therefore respectfully following the judgment of the Co-ordinate Bench, we note that without any incriminating material addition should not be made in case of concluded (unabated) assessments. - Decided in favour of assessee.
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