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2023 (8) TMI 880 - AT - Income TaxAssessment u/s 153C - denial of deduction of interest income u/s 80IC and Addition towards share application money as unexplained cash credit - HELD THAT:- We find that the original assessment for AY 2010-11 was completed in the hands of the assessee u/s 143(3) of the Act on 12/06/2012. It is not in dispute that the date of handing over of seized documents by the AO of Raghuveer Singh Yadav (Section 153A assessee) to the AO of the assessee herein (Section 153C) was on 11/02/2014. Hence, the date of search in the hands of the assessee would have to be reckoned as 11/02/2014. Accordingly, as on 11/02/2014, there was no pending assessment proceeding for AY 2010-11 for the assessee. Hence, assessment year 2010-11 becomes an unabated/concluded assessment in the hands of the assessee as on 11/02/2014. There is absolutely no incriminating material found during the course of search regarding the denial of deduction u/s 80IC of the Act for interest income and share capital received. Hence, in the absence of any incriminating material relatable to AY 2010-11 qua the additions made in the hands of the assessee, in respect of concluded assessment, the earlier assessment so framed cannot be disturbed by the Ld. AO. This issue is no longer res-integra in view of the recent decision of the Hon’ble Supreme Court in the case of PCIT vs. Abhisar Buildwell Pvt. Ltd[2023 (4) TMI 1056 - SUPREME COURT] Also no assessment at all could be made u/s 153C of the Act for AY 2010-11, since, the seized documents representing the seized cash did not pertain to AY 2010-11. See Singhad Technical Education Society [2017 (8) TMI 1298 - SUPREME COURT] - Thus assessment framed in the hands of the assessee u/s 153C for AY 2010-11 is hereby quashed. Decided in favour of assessee.
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