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2023 (10) TMI 968 - AT - Income TaxAssessment u/s 153A - incriminating material found to sustain the addition or not? - HELD THAT:- In the entire assessment order there is no reference or discussion if any specific incriminating material was found during the search, even in the remand report no such “incriminating material” found during the search has brought on record so as to connect the same with the addition made in the assessment years under consideration. Merely on the basis of the fact that the assessee when confronted with facts disclosed by one Shri Sandip Jain particularly question No. 26 in search proceedings in his statement recorded on 19.02.2017, he has agreed that these expenses are booked to inflate expenses, this is not sufficient to fasten the liability of the assessee while framing assessment under section 153A of the Act, particularly when there is no incriminating material found during the search operation. When the AO has failed to bring on record any “incriminating material” during the course of search which were competed assessment under section 143(3) of the Act addition made is not sustainable in the eyes of law on the ground that there was absolutely no “incriminating material” on record. Decided in favour of assessee.
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