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2018 (5) TMI 1016 - AT - Income TaxAssessment u/s 153A - gifts treated as cash credit - Held that:- In the case of CIT vs. Gurinder Singh Bawa (2015 (10) TMI 1761 - BOMBAY HIGH COURT) held that once an assessment was not pending but had attained finality for a particular year it could not be subject to proceedings under section 153A if no incriminating materials were gathered in the course of search or during the proceedings under section 153A which were contrary to and were not disclosed during the regular assessment proceedings. In this case, the assessee filed the return of income which was processed under section 143(1) of the Act and no notice under section 143(2) was issued and the AO made assessment for the year in question qua the sums declared by the assessee as gifts treating them as cash credit covered under section 153 of the Act. The Hon’ble Bombay High Court applied the view taken in the case of CIT vs. Continental Warehousing Corporation (Nhava Sheva) Ltd. (2015 (5) TMI 656 - BOMBAY HIGH COURT). We, therefore, respectfully following the ratio laid down by the Hon’ble Bombay High Court, direct the AO to delete all the additions made in this year - Decided in favour of assesse
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