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2017 (6) TMI 824 - AT - Income TaxAddition u/s 68 - Held that:- No addition can be sustained on the strength of statement of Shri Gupta. Therefore, we hold that in absence of details about the nature of income he was surrendering in the case of a particular company or person of a group and particular head income the statement of Shri Gupta cannot be taken as valid basis for making addition u/s 68 of the Act for A.Y 2005-06. Assessment u/s 153A - Held that:- We hold that the addition made u/s 68 by the AO in the assessment order passed u/s 143(3) r.w.s 153A for A.Y 2005-06, were not based on any books of account or any other material not produced during the course of original assessment which alleged to have been found in the course of search or undisclosed income or property discovered during the course of search and seizure operation, then all the additions made in the assessment order deserve to be deleted as the assessment proceedings for A.Y 2005-06 were not abated but already completed on the date of search i.e. 24.9.2009. We hold that the impugned assessment order framed u/s 143(3) r.w.s 153A of the Act for A.Y 2005-06 dated 26.12.2011 is bad in law and thus the same is sustainable and deserve to be quashed and hence we quash the same.
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