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2016 (3) TMI 276 - AT - Income TaxValidity of assumption of jurisdiction under section 153C - additions made u/s 153C for want of any corresponding material/incriminating material unearthed during search operations - disallowance of cash purchases - Held that:- In the absence of any incriminating material, the concluded assessments could not be interfered under Section 153A of the Act and further held that the documents seized has no reference to the income of the assessee for relevant assessment year and, thus, the Assessing Officer has no jurisdiction to make the re-assessment under Section 153A of the Act. In view of the above findings, we hold that the no addition can be sustained and thus this ground of appeal is allowed. Also the income declared was more than the net profit rate under Section 44AF of the Act as well as the net profit rate declared in respect of preceding years which have been accepted by the Tribunal. We hold that addition can’t be sustained on merit of the case also. - Decided in favour of assessee
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