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2015 (10) TMI 2305 - ITAT MUMBAIAssessment u/s.153A - Assessing Officer treating the gifts received from Non-resident individuals as unexplained, within the meaning of section 68 - Held that:- No justification for the Assessing Officer to make the impugned addition in an assessment finalized under section 153A of the Act in the absence of any incriminating material having been found during the course of search, qua the impugned gifts from the Non-Resident individuals. We may categorically mention here that on the date of initiation of search, qua the assessment year 2004-05 under consideration, assessment was not pending and, accordingly, the assessment for this year did not abate in terms of the second proviso to Section 153A(1) of the Act. Therefore, the ratio of the judgment of Hon'ble Bombay High Court in the case of Continental Warehousing Corporation (Nhava-Sheva) (2015 (5) TMI 656 - BOMBAY HIGH COURT) is clearly attracted and the impugned addition could not have been made in respect of an unabated assessment which had become final in the absence of any incriminating material having been found in the course of search, qua the impugned gift. Thus, we set aside the order of CIT(A) and direct the Assessing Officer to delete the addition as the same is purported to be beyond the scope and ambit of an assessment envisaged under section 153A of the Act. - Decided in favour of assessee.
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