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2023 (8) TMI 1339 - AT - Income TaxValidity of the assessment made u/s 153C - adhoc disallowance of assumed expenditure - incriminating material found during search or not? - HELD THAT:- As even after the amendment, AO can proceed only on the basis of incriminating material which has a bearing on determination of the total income of such other person. Nowhere in the Satisfaction Note it has been mentioned that the said description of shares is related to alleged business of providing accommodation entries by the captioned assessees. In light of the decision of Singhad Technical Education Society [2017 (8) TMI 1298 - SUPREME COURT] has held that when the seized documents did not establish any co-relation document wise with the assessment years in question, then the validity of the assessment so framed was legally unsustainable. Thus we are of the considered view that the additions/disallowance, devoid of any incriminating material found during the course of search, cannot validate the assessment orders framed u/s 153C of the Act. Decided in favour of assessee.
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