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2023 (7) TMI 167 - AT - Income TaxAssessment u/s 153A - Addition u/s 68 - incriminating material found or not? - HELD THAT:- As original return was filed by the assessee on 30.09.2013. The time limit to scrutinize this return was expired much before the search, i.e. 17.09.2015. Department was unable to lay its hand on any incriminating material. AO is examining the loans shown by the assessee in the books of account. AO has observed that during the accounting year, assessee has taken unsecured loans from three companies. This part is already available in the regular books and must have been reflected in the return. If Department wish to undertake an exercise for examining, then, it ought to have scrutinised the return. AO has not made reference of any document seized during the course of search. He has examined the Bank accounts and already available amounts in the accounts. The only reference to the seized material made by the AO is that during the course of search and seizure action, Inspector of the Department was deputed to verify the existence of the above. This is only a passing reference in the assessment order the weightage to this observation could be made if AO has power to tinker with the completed assessment. An inquiry, which could be made in the regular assessment, cannot be construed as seized material for just bringing an item in the scope of section 153A - Case followed Abhisar Buildwell Pvt. Limited [2023 (4) TMI 1056 - SUPREME COURT] - Decided against revenue.
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