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2019 (7) TMI 69 - AT - Income TaxAssessment u/s 153A - Addition u/s 68 - search u/s 132 - no incriminating material found - unsecured loans obtained by the assessee - assessee failed to discharge his onus to prove the identity, creditworthy of creditor and genuineness of transaction - HELD THAT:- We find that the assessment for the assessment year 2010-11 was already completed when search action u/s 132 was carried out at the premises of the assessee on August 26, 2015. No incriminating material found during the search in respect of the addition made by the AO, therefore, the addition made by the AO in the impugned assessment year is without jurisdiction. Thus, the legal ground raised by the assessee is allowed and the assessment order is held as invalid, consequent upon the entire addition made therein are directed to be deleted. The learned CIT(A) deleted the addition on his observation that neither report of investigation was provided nor any opportunity was given to the assessee to rebut the report of investigation, therefore, no cognizance on such report could be taken in view of the decision of the hon'ble Supreme Court in Kishinchand Chellaram v. CIT [1980 (9) TMI 3 - SUPREME COURT] . Addition u/s 68 - all documentary evidences furnished by the assessee, remand reports including the first, second and supplementary remand report of the Assessing Officer and passed detailed order. The learned Commissioner of Income-tax (Appeals) given his clear finding that, in the absence of any independent inquiry and any adverse findings to rebut the evidences filed by the assessee the addition of ₹ 3,60,00,000 is unjustified; firstly, on the ground that no notice was issued/no inquiries made to rebut the evidences filed by the appellant and secondly on the ground that the assessee duly discharged its burden casted upon under section 68 to explain nature and source of the transactions by proving the identity, creditworthiness of creditor and genuineness of the transaction. No contrary facts or law is brought to our notice to take a different. Therefore, we affirm the order of learned CIT(A). Appeal of the Revenue is dismissed.
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