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2020 (12) TMI 606 - AT - Income TaxAssessment u/s 153A - Whether any incriminating material found or seized during the course of search? - HELD THAT:- As relying on KABUL CHAWLA [2015 (9) TMI 80 - DELHI HIGH COURT] assessment u/s. 153A of the Act involving unabated proceedings has to be based on incriminating material found or seized during the course of the search in question. Both the lower authorities have erred in law and on facts in framing the impugned assessments in assessee’s case not involving any seized material. The same stands quashed therefore. Unexplained cash credits u/s 68 - The assessee has already filed all the necessary evidence. We thus hold that the lower authorities have not correctly appreciated the fact. Hon’ble Gujarat high court in PCIT vs. Gyscoal Alloys Ltd [2018 (10) TMI 1725 - GUJARAT HIGH COURT] held that such an instance of the share capital having group entities from thereby jurisdiction does not qualify for section 68 unexplained cash credits additions. - Decided in favour of assessee.
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