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2018 (10) TMI 800 - AT - Income TaxAssessment u/s 153A - Addition on account of share application money and share premium u/s 68 - incriminating material as found during the course of search - Held that:- Case of CIT vs. Kabul Chawla [2015 (9) TMI 80 - DELHI HIGH COURT] held that though Section 153A does not say that addition should be strictly made on the basis of the evidence found in the course of the search, or other post search material or information available with the AO which can be related to the evidence found, it does not mean that the assessment can be made without any reference or establishing any nexus with the seized material. Thus, as per this judgment, the existence of the seized material found during search is a must for making addition in those assessment years which have not abated. Therefore, in view of the above judgment above, it is our considered opinion that no addition could have been made u/s 68 of the Act in view of the fact that no incriminating material was found during the course of search to which this impugned addition could be related. - Decided in favour of assessee
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