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2016 (11) TMI 1046 - ITAT CHANDIGARHAssessment u/s 153A - addition to income - whether any incriminating material concerning such additions was found during the course of search? - Held that:- Sh. Goyal admitted that certain incriminating documents relating to various investment companies, excess cash and jewellery was found at his residence. Admittedly there is no reference in the statement to any document found, which revealed that the assessee had wrongly claimed interest on loan taken for his house property, which was the only disallowance made in the assessment order passed under section 153A for the impugned year. Moreover, we find that the disallowance was made for want of evidence and not on the basis of any incriminating material found during search. Further we find that the statement is general with no reference to any specific document or asset found during search and the assessee has admittedly surrendered ₹ 11 crores on account of the same and paid taxes thereon. The statement therefore cannot be stated to be incriminating material for the purpose of disallowing interest on housing loan. Thus we hold that in the absence of any incriminating material found during the course of search and the assessment proceedings having not abated at the time of search, the Assessing Officer has no jurisdiction to make the addition under section 153A of the Act. - Decided in favour of assessee
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