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2020 (5) TMI 26 - HC - Income TaxAssessment u/s 153A - Unaccounted investment - HELD THAT:- Since the revenue has not brought any other material evidence to prove that the alleged amount is purely an income the assessee certainly deserves benefit of doubt and further since below the alleged account itself the sum of ₹ 22,40,000/- is mentioned as an amount referred as balance to be for payment. Addition for unaccounted investment in our view cannot be more than ₹ 22,40,000/-. No substantial question of law. No reason has been recorded by the Assessing Officer with regard to the loose papers (LPS-1 page-4) being of the assessee and therefore, the Assessing Officer could not have assumed the jurisdiction in terms of Section 153C - It is for the first time this contention has been raised before this Court. It may be noted that the premises of Regal Homes Group was subjected to search under Section 132 of the Act on 12.08.2014. The residential premises of the assessee were also searched together with the group Concerns including M/s Regal Samarth Construction Company and Regal Samarth Krishna Builders in which appellant-assessee had interest as partner therein. Thus, in the present case, Section 153A of the Act was attracted and accordingly, assessment under Section 153A read with Section 143(3) of the Act had been framed. Since the search had taken place at the residence of the assessee as well, thus, no proceedings for framing assessment under Section 153C of the Act arose. Therefore, Section 153C of the Act had no relevancy in the facts and circumstances of the present case.Consequently, it is concluded that the question No.(ii) as claimed, is misconceived. Appeal dismissed.
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