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2018 (1) TMI 596 - AT - Income TaxValidity of assessment made u/s 153C - estimation of income in respect of the flats sold on the basis of the statements recorded from the flat buyers Mr. V.V.S. Venugopal and others u/s 131 - Held that:- As per the provisions of section 153C of the Act, it is mandatory to have the satisfaction of the A.O. that money, bullion, jewellery or other valuable article or thing or any books of accounts, documents seized or requisitioned pertains to or relates to the assessee, which means that unless there is an incriminating material belonging to the assessee is found, the action u/s 153C of the Act is not permissible. In the assessee’s case there was no incriminating material found and seized from the premises of the group cases. Therefore, we hold that the notice issued u/s 153C of the Act is not sustainable and accordingly quashed. This view is upheld in the case of CIT Vs. Sinhagad Technical Education Society (2017 (8) TMI 1298 - SUPREME COURT OF INDIA). Thus we hold that the notice issued u/s 153C of the Act is unsustainable and accordingly quashed. - Decided in favour of assessee
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