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2015 (1) TMI 1117 - AT - Income TaxJustification to the proceedings u/s 153C - unaccounted and in genuine gifts - Held that:- The total income shall be determined in respect of assessment year for which original assessments have already been completed on the date of search by restricting additions only to those which flow from incriminating material found during the course of search. If no incriminating material is found in respect of such completed assessment, then the total income in the proceedings u/s 153A shall be computed by considering the originally determined income. If some incriminating material is found in respect of such assessment years for which the assessment is not pending, then the total income would be determined by considering the originally determined income plus income emanating from the incriminating material found during the course of search. In respect of assessment pending on the date of search which got abate in terms of second proviso to section 153A(1), the total income shall be computed afresh uninfluenced by the fact whether or not there is any incriminating material. As already observed that no incriminating material has been found relating to the year in which the assessee has received gifts. Therefore, in our opinion, no addition on account of the gifts can be sustained. Accordingly, on this basis itself, we delete the addition on account of gifts. We accordingly allow the additional grounds. Since we have deleted the addition on the basis of the additional grounds taken by the Assessee, therefore, in our opinion, the grounds taken by the Assessee on merit does not require adjudication. - Decided in favour of assessee.
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