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2018 (5) TMI 495 - AT - Income TaxInitiation of proceedings u/s. 153A - Held that:- Since the assessment for assessment year 2007-08 had attained finality and no incriminating material was found during search, assessment u/s.153A r.w.s. 144 is without jurisdiction. Accordingly, the impugned order is set aside and ground No. 1 raised in appeal by assessee is allowed. Addition of advance received for selling of shares - Held that:- No share transfer had taken place till the date of filing the confirmation although advance was received around 7 years back. Neither money was refunded nor shares were transferred. Moreover, confirmation filed does not include details like PAN or the other details like Bank Statement to show the creditworthiness of Mr. Deepesh Kotecha. In the circumstances, Xerox copy of confirmation is not found credible. For the appellant’s failure to furnish satisfactory evidences regarding the transaction claimed by the appellant the cash credit remains unexplained and addition made by AO to that extent is upheld. Addition of cash seized during assessment proceedings from locker - Held that:- Appellant does not maintain any cash book and there is no corroborative evidence to explain the source of cash found in the locker. It has been noted that appellant was investing in FDRs and keeping deposits in the group concerns. Only possible source of cash could be from hiring of machines. For want of cash book, it is not possible to ascertain as to what was cash left with the appellant after meeting out business and personal expenditure. Therefore no interference with the finding of AO is called for. Addition upheld.
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