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2024 (2) TMI 985 - AT - Income TaxAssessment u/s 153A - Addition u/s 68 - bogus LTCG - penny Stocks - whether documents found during the course of search were of incriminating nature? - pre-arranged accommodation entry for LTCG which the assessee has taken - certificates found from the locker of family members HELD THAT:- Admittedly and undisputedly, the facts and circumstances of the case are identical and the matter is thus squarely covered by the decision of Shri Ashish Jain & Others [2014 (1) TMI 1942 - ITAT CHANDIGARH] as the copy of share certificates found from the locker of family members and not that of the assessee, corroborate and confirm the disclosed transaction of purchase of shares and cannot be termed as incriminating in nature. The statement of Shri S K. Khemka is availability of other material/documentation which has come in the knowledge and possession of the AO for the first time during the course of reassessment proceedings and the said statement cannot augment/supplement the material found during the course of search in terms of share certificates and therefore cannot be used to turn the share certificates as incriminating in nature. Being a case of completed/unabated assessment, in absence of any incriminating material found during the course of search in case of the assessee, the addition so made cannot be sustained and is hereby directed to be deleted. In the result, the ground of the assessee’s appeal is allowed.
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