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2017 (7) TMI 354 - AT - Income TaxAssessment u/s 153C - whether any incriminating documents found for making addition of cash receipts - Held that:- Neither the seized documents pertained to the impugned assessment year, nor any other document was found, which reflected the addition made in the case of the assessee. Therefore, there was no incriminating material available with the Assessing Officer which pertained to the impugned assessment year and which could have led to the addition made in the present case. Further it is not denied that the assessment in the present case was completed on the date of search, since the time limitation for issue of notice u/s 143(2) had expired on 30-09-10 while search was conducted on 17 11-10. AO had no jurisdiction to interfere in the completed assessment in the present case and frame the assessment u/s 153C making addition therein in the absence of any incriminating material. - Decided in favour of assessee. Addition made u/s 68 - Held that:- In the present case we hold that the assessee had given a credible explanation that the amount received in cash of ₹ 49,50,000/- was money refunded by one Sh. Balwant Rai Rehawar given to him on account of a land deal and refunded since the deal did not mature. The explanation was duly substantiated by the various documents produced. The onus now rested with the Assessing Officer to prove that the explanation of the assessee was false. The AO having failed to discharge this onus, has made the addition merely on the basis of suspicion which is not permissible as held by the jurisdictional high court. Thus no addition under section 68 of the Act is called for - Decided in favour of assessee.
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