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2024 (2) TMI 458 - AT - Income TaxAssessment u/s 153A - unexplained cash credit u/s 68 - abated assessment or not - Addition to be restricted to seized material found during the course search - in case of CIT (A) deleted the addition - HELD THAT:- As per the ratio emanating from the said decision in case of Chintels India ltd.[2017 (7) TMI 746 - DELHI HIGH COURT] is that if the period for issuance of notice is still available then the case will not be considered as completed assessment To recapitulate the facts of this case, original return was filed u/s 139(1) of the Act on 28.10.2009, this means that notice u/s 143(2) of the Act could be issued up to 30.09.2010 (i.e. six months from the end of the financial year in which return was filed i.e. 2009-10). The search in this case was conducted on 14.09.2010 before the end of the stipulated time period for issuance of notice u/s 143(2) of the Act. Hence, the assessment for AY 2009-10 cannot be treated as abated or pending on the date of initiation of search. In this view of the matter, the addition is not restricted to seized material found during the course search in case of abated assessment. Assessing Officer can very rely upon his own enquiry. In the present case AO’s enquiry has clearly revealed that the unsecured loan is unexplained cash credit in the books of the assessee and he has rightly added u/s 68 of the Act. We set-aside the order of the Ld. CIT(A) and restore that of the AO. Revenue’s appeal stands allowed.
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