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2024 (2) TMI 457 - AT - Income TaxValidity of Assessment u/s 153A - share application money received by the assessee company - Whether any material found and seized during the search & seizure operations? - HELD THAT:- Decisions of Meeta Gutgutia [2017 (5) TMI 1224 - DELHI HIGH COURT] and KABUL CHAWLA [2015 (9) TMI 80 - DELHI HIGH COURT] are squarely applicable to the facts and circumstances of the case as no assessment was pending on the date of search and the addition has been made merely on the basis of the book entries already disclosed to the department. Further, reliance is also placed on the decision of the Hon’ble Jurisdictional High Court in the case of PCIT Vs. Subhash Khattar [2017 (7) TMI 1091 - DELHI HIGH COURT] The entire issue stands settled by the judgment of Hon’ble Apex Court in the case of M/s. Abhisar Buildwell P. Ltd. [2023 (4) TMI 1056 - SUPREME COURT] wherein the Hon’ble Apex Court held that in case no incriminating material is unearthed during the search, the AO cannot assess or reassess taking into consideration the other material in respect of completed assessments/unabated assessments. Thus no addition can be made in the case of the assessee sans seized material. Decided in favour of assessee.
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