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2024 (1) TMI 161 - DELHI HIGH COURTAssessment u/s 153A - Undisclosed profit/loss made from trading in pulses and menthe on MCX/NCDEX - AO invoked the provisions of Section 69A - addition in the hands of assessee, on substantive basis, and in the hands of Sharp Group of Companies Ltd., albeit on protective basis - HELD THAT:- As indicated above, insofar as the Sharp Group of Companies Ltd. and respondent/assessee were concerned, the search and survey was conducted on 07.04.2017. This aspect has been recorded by the Tribunal in the impugned order. Clearly, no incriminating material vis-à-vis the respondent/assessee was found in the search conducted on 07.04.2017. Even according to Appellant AY in issue would have to be treated as a concluded assessment. Given the position that no incriminating material was found in the AY in issue, the addition made by the AO cannot be sustained. [See CIT vs. Kabul Chawla [2015 (9) TMI 80 - DELHI HIGH COURT] & Principal Commissioner of Income Tax vs. Abhisar Buildwell[2023 (4) TMI 1056 - SUPREME COURT] We are therefore sustaining the impugned order, having regard to only this aspect of the matter.The appeal is accordingly closed in view of what we have recorded above. The conclusion arrived at by the Tribunal is correct and therefore, no other substantial question of law requires to be adjudicated by us.
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