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2018 (10) TMI 50 - AT - Income TaxAssessment u/s 153A - addition on account of share application money, treating the same as unexplained cash credit u/s 68 - proof of incriminating material found as result of search - Held that:- As decided in the case of M/s Brahmaputra Finlease (P) Ltd. Vs DCIT [2018 (3) TMI 1598 - ITAT DELHI] as relying on the case of best infrastructure (India) private limited [2017 (8) TMI 250 - DELHI HIGH COURT], despite the admission of accommodation entry in statements under section 132(4) of the Act, the court held that the statement do not constitute as incriminating material. In the instant case, neither is there any statement of any accommodation entry operator claiming that any entry was not provided nor any director has admitted that assessee obtained accommodation entry. Thus, the case of the assessee is on better footing then the case of Best Infrastructure (I) P. Ltd (supra). We do not have any hesitation to hold that the statement under section 132(4) of Sh. Sampat Sharma cannot be treated as incriminating material found during the course of search. In the result, we hold that addition of share capital in the year under consideration has been made without relying on any incriminating material found during the course of search. Both the conditions as completed assessment and no incriminating material, have been satisfied in the case, thus,no addition could have been made in the instant assessment year in view of the finding of the Hon’ble Delhi High Court in the case of Kabul Chawla [2015 (9) TMI 80 - DELHI HIGH COURT] - decided in favour of assessee.
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