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2020 (12) TMI 389 - AT - Income TaxAssessment u/s 153A - unexplained cash credits u/s.68 - HELD THAT:- Hon'ble Bombay High Court in CIT Vs. Continental Warehousing Corporation (Nheva Seva Limited) [2015 (5) TMI 656 - BOMBAY HIGH COURT] held that no addition can be made in respect of assessments which have became final if no incriminating material found during the search. CIT-DR failed to bring any fact that assessment for the year under consideration was pending at the time of search on 14.02.2014 of that the issue of share capital was not the subject matter in the assessment was not reported while filing the Return of Income in the assessment year under consideration. DR referred the explanation attached with section 153A that the AO has power to assess or re-assessing total income in respect of each assessment year falling within six assessment years. There is not dispute regarding statutory provision in the Act. However, the Hon'ble Bombay Delhi High Court has laid down Law that no addition in absence of incriminating material can be made in respect of assessment which has become final if no incriminating material is found during the search. DR failed to bring any contrary fact to our notice that any incriminating material was found during the search. The AO has not filed even a single piece document to support the grounds of appeal raised in these appeals. No contrary law is brought to our notice. Appeal of the Revenue is dismissed.
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