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2022 (10) TMI 652 - AT - Income TaxAssessment u/s 153A - Addition of receipt of share premium and unsecured loan as unexplained cash credit u/s.68 - incriminating material found during the course of search or not? - HELD THAT:- As brought on record that except the statement u/s.132(4) AO did not place any reliance on any incriminating material seized during the course of search for the purpose of framing an addition u/s.68 of the Act in the instant case. The very same issue was the subject matter of adjudication by the erstwhile ld. AO in the re-assessment proceedings completed for A.Y.2009-10 u/s.143(3) r.w.s. 147 wherein it was accepted as genuine. This itself goes to prove that there could not be any incriminating material that could be found during the course of search relatable to these additions. Only basis for making the addition is statement recorded u/s.132(4) of the Act which has been duly admitted by the ld. AO both in the assessment order as well as in the remand proceedings - It is trite law that statement u/s.132(4) of the Act cannot be considered as an incriminating material unless it is corroborated by some other evidence found during the course of search and the said statement cannot be relied upon solely for the purpose of making an assessment. The decisions in this regard have already been dealt elaborately by the CIT(A) as detailed hereinabove The assessment for A.Y.2009-10 is a concluded assessment as on the date of search in the instant case and assessment has been framed by the ld. AO by making additions u/s.68 of the Act without reference to any incriminating material found during the course of search relatable to such additions. This issue is very well settled by the decision of Continental Warehousing Corporation [2015 (5) TMI 656 - BOMBAY HIGH COURT] - Decided against revenue.
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