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2018 (4) TMI 1803 - AT - Income TaxAssessment u/s 153A - AO jurisdiction to make any addition towards returned income in absence of any incriminating material found as a result of search - HELD THAT:- Hon’ble Bombay High Court in the case of CIT vs Continental Warehousing Corporation (Nava Sheva) Ltd [2015 (5) TMI 656 - BOMBAY HIGH COURT] has held that in the absence of any seized material found as a result of search, no addition can be made in respect of unabated / concluded assessments which have become final as on the date of search in the absence of any incriminating materials. This legal proposition is further supported by the decision in the case of CIT vs Murli Agro Products Ltd [2015 (5) TMI 656 - BOMBAY HIGH COURT] wherein it was held that no addition can be made in respect of unabated assessments which have become final if no incriminating material is found during search. Additions made by the AO towards unsecured loans under Section 68 of the Act, cessation of liability under Section 41(1)(a), unexplained credit card expenditure under Section 69C, disallowance of interest expenses, consultancy expenses and denial of deduction claimed under Section 80C/80D are not based on any reference to the incriminating material found and seized as a result of search. - Decided in favour of assessee.
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