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2024 (1) TMI 909 - AT - Income TaxAssessment u/s 153A - Incriminating material found from assessee premises at the time of search or not? - HELD THAT:- The Hon'ble Delhi High Court in the case of Pepsico India Pvt Ltd [2014 (8) TMI 898 - DELHI HIGH COURT] has concluded that since it was not even alleged that the searched person had disclaimed the said documents as belonging to them and thus it cannot be held that the documents do not belong to the searched person and once it could not be held so, then the provisions of section 153C of the Act cannot be invoked as the Assessing Officer of the searched person must be satisfied that the seized material does not belong to the person referred to in section 153A of the Act i.e. searched person. AO has not referred to any material much less, cogent material, to assume and conclude that the documents seized from the premises of the searched person belonged to the appellant company and do not belong to the searched person. In the absence of such a burden having been discharged by the searched person invocation of provisions contained in section 153C of the Act is not in accordance with law. Assessment order is accordingly quashed. Decided in favour of assessee.
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