TMI Blog2022 (3) TMI 708X X X X Extracts X X X X X X X X Extracts X X X X ..... nt case cases have not been made on the basis of any incriminating material found during search. CIT(A) has granted relief by following the decision of the jurisdictional High Court in the case of Continental Warehousing Corporation [ 2015 (5) TMI 656 - BOMBAY HIGH COURT] wherein it has been held that no addition can be made in respect of unabated assessments which have become final in absence of any incriminating material found during search. This view has also been upheld in the case of CIT vs. Sinhgad Technical Education Society and Others [ 2017 (8) TMI 1298 - SUPREME COURT] . We do not find any merit in the present appeal. - I.T.A. No. 540/Mum/2021 - - - Dated:- 17-2-2022 - Shri Shamim Yahya, Accountant Member And Shri Rahul Ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /u/s 69C as unexplained expenditure. 4. On the facts and the circumstances of the case, Ld. CIT(A) erred in not appreciating the fact that neither under section 132 nor under section 153A, of Income Tax Act, 1961 phraseology incriminating is used in the statute. Hence, Ld. CIT(A) erred in narrowing down the scope of assessment u/s 153A to the incriminating material found during the search. 3. The brief facts of the case relevant to the issue before us are that the Assessee, an individual resident, filed original return of income under Section 139 of the Act for the Assessment Year 2012-13 on 30.10.2012 declaring total income of INR 8,56,716/-, which was processed under section 143(1) of the Act. Subsequently, the search action ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the fluctuations in the price of shares of GCML and concluded that GCML was a penny-stock company without there being any incriminating material found during the course of search. The contentions of the Assessee found favour with the CIT(A) who granted relief to be Assessee by following, inter alia, the judgment of the Special Bench of the Tribunal in the case of All Cargo Global Logistics vs. DCIT (2012) : 18 ITR 106 (SB) and the judgment of Hon ble Bombay High Court in the case of CIT vs. Continental Warehousing Corporation : 374 ITR 645 (Bombay). The CIT(A) deleted the addition of INR 58,58,732/- made by the AO holding as under: 6.3.33 In view of the aforesaid, detailed discussion and respectfully following judicial precedents, I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aterial found during the course of search and the same remains uncontroverted. The Ld. Departmental Representative could not dispute the proposition that additions in the present case cases have not been made on the basis of any incriminating material found during search. The CIT(A) has granted relief by following the decision of the jurisdictional High Court in the case of Continental Warehousing Corporation (supra) wherein it has been held that no addition can be made in respect of unabated assessments which have become final in absence of any incriminating material found during search. This view has also been upheld by the Hon ble Supreme Court in the case of CIT vs. Sinhgad Technical Education Society and Others vide judgment dated 29.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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