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2020 (10) TMI 96 - HC - Income TaxAssessment u/s. 153A - Absence of any incriminating material related to the given assessment year found during search - addition as unaccounted profit in respect of land transactions as bad debts - HELD THAT:- Under section 153A of the Act, an assessment has to be made in relation to the search or requisition, namely, in relation to material disclosed during the search or requisition. If in relation to any assessment year, no incriminating material is found, no addition or disallowance can be made in relation to that assessment year in exercise of powers under section 153A of the Act and the earlier assessment shall have to be reiterated. Question of law as proposed by the Revenue cannot be termed as a substantial question of law. As in the case of Principal Commissioner of Income-tax-4 vs. Saumya Construction (P.) Ltd [2016 (7) TMI 911 - GUJARAT HIGH COURT] as rightly pointed out by the learned counsel for the respondent, the controversy involved inthe present case stands concluded by the decision of this court in the case of Commissioner of Income-tax-1 v. Jayaben Ratilal Sorathia [2013 (7) TMI 850 - GUJARAT HIGH COURT] wherein it has been held that while it cannot be disputed that considering section 153A of the Act, the AO can reopen and/or assess the return with respect to six preceding years; however, there must be some incriminating material available with the Assessing Officer with respect to the sale transactions in the particular assessment year. - Decided against revenue.
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