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2022 (4) TMI 1523 - AT - Income TaxAssessments u/s 153A - addition u/s 68 - Whether incriminating material found during the course of search relating to these two assessment years? - HELD THAT:- AO has made reference to unsecured loan from different entities. These unsecured loans are already shown as part of the accounts. These were subject to scrutiny in the scrutiny assessments passed in AY 2013-14 and 2014-15 respectively. We failed to note, which is the specific material available with the AO in these two years authorizing him to undertake assessment proceedings in these years u/s 153A of the Act. Therefore, in view of the position of law discussed above on the strength of decision in the case of CIT vs. Kabul Chawla[2015 (9) TMI 80 - DELHI HIGH COURT], Saumya Construction [2016 (7) TMI 911 - GUJARAT HIGH COURT] and on the basis of various decisions of the Hon’ble Jurisdictional High Court namely PCIT vs. Rashmi Infrastructure Pvt. Ltd.[2020 (2) TMI 1463 - CALCUTTA HIGH COURT], CIT vs. Veerprabhu Marketing Ltd. [2016 (8) TMI 813 - CALCUTTA HIGH COURT], PCIT vs. Salasar Stock Broking Ltd.[2016 (8) TMI 1131 - CALCUTTA HIGH COURT] we are of the view that additions are not sustainable. We allow these grounds of appeal and delete the additions because they are added without any seized material available pertaining to these assessment years. Decided in favour of assessee.
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