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2022 (7) TMI 638 - HC - Income TaxAssessment u/s 153C and 153A - Unexplained investment - Assessee argued as non-adhering to the principle of preponderance of probability as no ordinary prudent person would sell his shares at a loss of 90% within five days of purchase without receiving balance consideration outside books of accounts - HELD THAT:- As in the present case, both the CIT (A) as well as ITAT have given concurrent findings of fact that no incriminating materials had been seized during search. Consequently, the contention of learned counsel for the Appellant that incriminating documents or materials had been found and seized at the time of search is contrary to fact. CIT(A) had directed that the transactions need to be scrutinised in the case of the seller of the shares, namely, Triveni Infrastructure and Development Company Limited (TIDCL). Also, the same shares had been sold by assessee in the subsequent Assessment Year 2011-2012 at a lesser price as against the addition made by the Assessing Officer which is accepted by the Assessing Officer under Section 143(3) of the Act. Keeping in view the aforesaid, this Court is of the opinion that the question of law raised in present appeal has been settled by earlier Division Bench in Kabul Chawla (2015 (9) TMI 80 - DELHI HIGH COURT] and no incriminating documents or materials had been found and seized at the time of search. Accordingly, no question of law arises for consideration in the present appeal and the same is dismissed.
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