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2017 (12) TMI 346 - AT - Income TaxAddition u/s 153A - absence of incriminating material found during the course of search - unexplained share capital - Held that:- AO asked the assessee about the increase in the share capital and categorically stated that the assessee was asked to furnish the confirmation from all six persons but whom shares were allotted year by year alongwith the copies of their bank statement, audited account and ITRs for the year under consideration which were furnished by the assessee. The AO was satisfied with the details furnished by the assessee except for 1,00,000 shares of ₹ 10/- each allotted to M/s Jeevandhara Waters Pvt. Ltd. which were added to the income of the assessee and finally the assessment was framed at an income of ₹ 5,83,177/-. Thereafter, a search u/s 132 of the Act was again carried out on 19.01.2009 on the assessee company. However, the assessment was framed by making the addition of ₹ 1,05,00,000/- on account of share capital and another addition of ₹ 10,00,000/- which was included in the above said amount and already added on account of shares allotted to M/s Jeevandhara Waters Pvt. Ltd. It is, therefore, clear that no fresh incriminating material was found during the course of search which took place on 19.01.2009. Thus we delete the addition made by the AO in the absence of incriminating material found during the course of search held on 19.01.2009, by passing the assessment u/s 153A r.w.s. 143(3) of the Act on 29.12.2010, which was confirmed by the ld. CIT(A) vide impugned order. - Decided in favour of assessee.
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