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2021 (7) TMI 380 - AT - Income TaxAssessment u/s 153A - Addition u/s 68 on unexplained share capital and premium - search was conducted on another assessee - HELD THAT:- The case before us is there is no material found pertaining to the assessee in search on third party. As no incriminating documents are found during the course of search - we do not agree with the contentions of the revenue that share certificates in the name of Response Overseas Private Limited and Raj Nand Hela along with the transfer forms pertains to the assessee company. The Hon’ble Supreme Court in CIT vs Sinhgad Technical Education Society [2017 (8) TMI 1298 - SUPREME COURT] clearly held that in case of the person other than searched person, concluded assessment can be tinkered with only if incriminating material is found in those assessment years. Therefore, in the present case it is apparent that no incriminating material found during the course of search and therefore, the concluded assessment year i.e. 2009-10 cannot be tinkered with. As already held that share certificates as well as the share transfer forms found during the course of search on AKruti Hotels Ltd does not pertain to the assessee and therefore same can also not be an incriminating material, which has a bearing on the income of the assessee. Thus, there cannot be any addition in the hands of assessee on this count. In view of this, the ground raised by the assessee by invoking Rule 27 of ITAT Rules succeeds. In the result, on this issue the appeal of the department fails. The issue on the merits of the case with respect to the addition u/s 68 of the Act is left open.
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