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2016 (3) TMI 1064 - AT - Income TaxValidity of assessment u/s 153A - disallowance under the provisions of Section 40A(3) - Held that:- It is undisputed fact that there was no seized incriminating material suggesting any disallowance under the provisions of Section 40A(3) of the Act. A perusal of the assessment orders does not reveal that the impugned additions made in respect of both the assessment years, have neither been based on any incriminating material seized, nor there is any whisper in the assessment orders. The law is well settled that, no assessments can be made under Section 153A in the absence of any seized incriminating material. - Decided in favour of assessee.
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