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2019 (11) TMI 365 - AT - Income TaxAssessment u/s 153A - HELD THAT:- As the addition is involved in the appeal of the assessee as well as in the appeal of the learned assessing officer are not made on the basis of any incriminating material found during the course of search, all these 3 additions deserves to be deleted. Accordingly, we allow ground number 1 of the appeal of the assessee holding that no incriminating document was found during the course of search and therefore not all these additions made by the learned assessing officer could be made in the hands of the assessee. Addition made in the hands of the assessee as no incriminating material found during the course of search, the treatment of the long-term capital gain as income from other sources also deserves to be allowed in favour of the assessee for the reasons given by us while adjudicating ground number 1 of the appeal of the assessee. Accordingly, Ground no 2 is also allowed. Penalty u/s 271 (1) (c) - HELD THAT:- Disclosure made by the assessee under the head short-term capital gain on sale of shares whereas the learned assessing officer treated the same as income from other sources, the above addition has already been deleted in the quantum of appeal of the assessee for assessment year 2005 – 06 as the addition was not made on the basis of the incriminating material found during the course of search, the penalty on this issue now do not survive. Accordingly ground number 1 of the appeal of the assessee challenging the levy of the penalty u/s 271 (1) (C) of the act is allowed.
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