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2018 (12) TMI 642 - AT - Income TaxDisallowing exemption u/s 10(38) for capital gain - assessment made erroneously in an assessment order passed under section 153A r.w.s. 143(3) because no incriminating material was found during the course of search - Held that:- As on the date of search, assessments already stood completed and no incriminating material was unearthed during the search, therefore, no addition should have been made to the income of the assessee. AO has not made reference to any seized material found during the course of search while considering this issue. Therefore, disallowance under section 10(38) is beyond the scope of section 153A and not sustainable. We allow this ground and delete impugned disallowance - Decided in favour of assessee
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