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2023 (1) TMI 898 - AT - Income TaxAssessment u/s 153C - undisclosed investment u/s 69 - Whether any incriminating documents relating to the assessee were found and seized and the AO formed a belief that the case of the assessee falls within the four walls of section 153C? - HELD THAT:- Page 3 is the receipt cum agreement to sell wherein a consideration of Rs. 1.10 crores is mentioned. It is true that the name of the assessee is not mentioned in the said receipt. In our considered opinion, assuming that the said receipt pertained to the assessee but does not belong to the assessee as per section 153C of the Act as they stood at that point of time. The said receipt is dated 28.03.2009 and as per the Certificate of Incorporation, the appellant company came into existence on 08.04.2009. Therefore, ld. CIT(A) has rightly deleted the addition holding that a non existing person cannot earn undisclosed income. The seized document referred to by the AO in his assessment order and which are made basis for the impugned addition do not belong to the assessee. It would be pertinent to refer to the observations of the Hon'ble High Court of Delhi in the case of Ankit Gupta [2017 (9) TMI 670 - DELHI HIGH COURT] - Appeal of assessee allowed.
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