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2022 (9) TMI 1331 - HC - Income TaxAssessment u/s 153C - incriminating documents / material - Satisfaction Note for issue of notice u/s 153C - HELD THAT:- As in the present case a satisfaction note was drawn up u/s 153C - Consequently, the search year would be the AY 2016-17 and Revenue would be entitled to re-open the returns for the AY 2010-11 to 2015-16. Perusal of the satisfaction note reveals that no document pertaining to AY 2011-12 was seized during search. As in Sinhgad Technical Education Society [2017 (8) TMI 1298 - SUPREME COURT] has held that seized material can be considered to be incriminating in terms of Section 153C of the Act only if the said material pertains to the AY in question. This Court is of the view that the recovery of the annual report and the share certificate of the Petitioner from premises of Minda Group cannot be considered to be incriminating documents. After all, the Minda Group was not a third party but the issuing authority of the share certificates. In fact, both the appellate authorities below have given a concurrent finding that no incriminating material had been brought on record by the AO to sustain the additions on merit. Also, the genuineness of the share capital has been accepted both by CIT (A) and ITAT and also there is no live link between seized material and the additions made. This Court is of the view that assumption of jurisdiction in the present cases by the Assessing Officer was erroneous. No substantial question of law arises
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