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2021 (1) TMI 324 - AT - Income TaxAddition u/s 153A - deposits made by the members of the society as unexplainable - incriminating material found during the search or not? - HELD THAT:- From the observation of the A.O it is evident that the A.O has not made any specific reference to the incriminating material found during the search. Under these facts non reference to the incriminating material by the A.O is contrary to the settled position of law. We hold accordingly. This ground of assessee’s appeal is allowed. Additional ground is against non recording of satisfaction by the A.O of the searched person - Undisputedly, the revenue has not placed on record satisfaction note by the assessing officer of the searched person recording that the documents belong to the other person in this case assessee herein. In the absence of such recording the assessment so framed is contrary to provision of law and the binding precedence. We, therefore, hold that the assumption of jurisdiction by the assessing officer u/s 153C of the Act is not in accordance with law. Hence, the assessment so framed u/s 153C of the Act is bad in law deserves to be quashed. This ground of the assessee’s appeal is allowed.
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