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2016 (4) TMI 701 - AT - Income TaxAssessment framed u/s. 153A - addition of deemed annual letting value - Held that:- As per clause IV, an assessment framed u/s. 153A cannot be arbitrarily made without any relevance or nexus with the seized material and the same has to be framed only on the basis of seized material found in the course of search. We revert back to the facts of the instant case and repeat that the impugned addition of deemed annual letting value does not have relevance and nexus with the seized material in question. We accept assesee’s arguments and quash the impugned assessment on this legal issue itself. His other pleas on merits challenging the impugned addition have been rendered infructuous. - Decided in favour of assessee.
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