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2021 (1) TMI 1006 - AT - Income TaxAssessment u/s 153A - Addition u/s 68 - Bogus LTCG - CIT(A) deleted the addition holding that the assessee has discharged the onus cast on it by proving the identity and creditworthiness of the share applicants and the genuineness of the transaction - HELD THAT:- A bare perusal of the assessment order shows that the addition is not based on any incriminating material found as a result of search but is based on the verification of the balance sheet of the assessee. The Hon’ble Delhi High Court in the case of CIT vs. Kabul Chawla [2015 (9) TMI 80 - DELHI HIGH COURT] has held that in absence of any incriminating material found as a result of search, no addition can be made in a completed assessment. Since the addition in the instant case is not based on any incriminating material found as a result of search in case of the assessee and it is a completed assessment, therefore, we are of the considered opinion that no addition could have been made by the AO in the instant case - Decided in favour of assessee.
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