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2019 (3) TMI 628 - ITAT DELHIInitiation of proceedings u/s 153C - proof of incriminating document found in search to substantiate the additions - HELD THAT:- The only material on the basis of which proceedings u/s 153C were initiated was the audited balance sheet and financial statements of the assessee for the year ended on 31st March, 2009. Document must be incriminating and it must relate to the assessment year whose assessments are sought to be reopened. In this case, admittedly, the document was relating to assessment year 2009-10 while the assessment reopened is for 2010-11. Therefore, the requirement that the document should relate to the assessment year sought to be reopened is not fulfilled. Moreover, how the audited balance sheet and financial statements of the assessee are incriminating material has also not been proved. In view of the above, we are of the opinion that on the facts of the assessee’s case, the case of INDEX SECURITIES PRIVATE LIMITED, VIDYA SHANKAR INVESTMENT PRIVATE LIMITED [2017 (9) TMI 585 - DELHI HIGH COURT] would be squarely applicable. Respectfully following the same, we quash the initiation of proceedings u/s 153C - Decided in favour of assessee.
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