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2019 (12) TMI 37 - ITAT KOLKATAAssessment u/s 153A - Unexplained cash credit u/s 68 - HELD THAT:- Addition treating the share application money as unexplained cash credit u/s 68 was made in the present case by the AO in the assessment completed u/s 153A for A.Y. 2010-11 on the basis of bank account found during the course of search and since the said bank account as well as transactions reflected therein were duly disclosed by the assessee company in its return of income originally filed for A.Y. 2010-11, we find ourselves in agreement with the contention of the assessee that the same cannot be treated as incriminating material found during the course of search. Addition u/s 68 and confirmed by the CIT(A) thus was not based on any incriminating material found during the course of search and the same, in our opinion, is not sustainable being outside the scope of section 153A. Disallowance made by the AO and confirmed by the CIT(A) u/s 14A read with Rule 8D in both the years under consideration is also not sustainable as the same is not based on any incriminating material found during the course of search. We, therefore, delete the said additions made in both the years under consideration and allow these appeals of the assessee.
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