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2019 (8) TMI 1879 - AT - Income TaxAssessment u/s 153A - Addition of share capital / share application money - whether any incriminating material has been found or seized during the course of search? - HELD THAT:- DR as contended that the CIT(A) has erred in law and on facts in holding that sec. 153A proceedings arise only if any incriminating material has been found or seized during the course of search in case of various judicial precedents as relying on E.N. Gopakumar [2016 (11) TMI 72 - KERALA HIGH COURT] and CIT vs. Kesarwani Zarda Bhander [2017 (4) TMI 57 - ALLAHABAD HIGH COURT] that such an assessment bar to assessee as the searched assessee’s total taxable income than that based on the alleged incriminating material only. We are informed by both parties very fairly that hon'ble jurisdictional high court is yet to adjudicated upon this legal issue involving varying judicial prepositions by hon'ble non-jurisdictional high courts (supra). We therefore quote hon'ble apex court’s landmark decision in CIT vs. Vegetable Products [1973 (1) TMI 1 - SUPREME COURT] to decide this legal issue in assessee’s favour. We reiterate that the search herein had not yielded any incriminating material against the assessee. Decided in favour of assessee.
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