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TMI Blog2024 (6) TMI 799X X X X Extracts X X X X X X X X Extracts X X X X ..... e and submissions made thereon. It is also undisputed that the year under consideration is an unabated year considering the date of conduct of search within the meaning of section 153A of the Act. Admittedly, no incriminating material has been referred to which has been found in the course of search of the assessee for the impugned assessment year. Accordingly, as relied on by the Ld. Counsel for the assessee, the decision of Abhisar Buildwell Pvt. Ltd.. [ 2023 (4) TMI 1056 - SUPREME COURT] applies squarely to the facts of the present case. Thus as no incriminating material has been unearthed during the course of search for the relevant assessment years, no addition can be made by the AO in the assessments. Consequently, the assessment orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed by the revenue in AY 2016-17 are reproduced as under: 1. On the facts and circumstances of the case, the Ld. CIT(A) has erred in deleting the addition to the tune of Rs. 80,00,000/- Rs.2,40,00,000/- under the head of bogus share capital received from Karzel Kholie Nabam Yani respectively totalling to Rs.3,20,00,000/- by not considering the facts of the case. In the instant case, the statement recorded disclosure of the assessee is to be treated as incriminating documents as well as thorough enquiries made for the purpose of addition in the assessment order. 2. On the facts and circumstances of the case, the Ld. CIT(A) erred in deleting the addition by accepting the retraction statement recorded by the assessee by not taking into conside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of which are as under. 4.1. The Ld. AO further noted in para 3.3 from the submissions made by the assessee that assessee had raised share capital during the FYs. 2012-13 and 2015-16 relevant to the AYs 2013-14 and 2016-17, in appeal before the Tribunal, details of which are tabulated as under : 4.2. Assessee furnished its reply which does not find favour with the Ld. AO. He completed the assessment by making an addition of Rs. 2 Cr. towards share capital raised by the assessee during the year by treating it as unexplained credit u/s. 68 of the Act. Aggrieved, assessee went in appeal before the Ld. CIT(A) before whom it was strongly contested that additions made by the AO are not based on any incriminating material found and seized during t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nothing contrary was brought on record to dislodge the observations and findings arrived at by the Ld. CIT(A). Ld. Counsel for the assessee placed strong reliance on the order of the Ld. CIT(A) fortified by the decision of Hon ble Supreme Court in the case of Abhisar Buildwell Pvt. Ltd. (supra). 6. We have considered the rival submissions. Perusal of the order of Ld. AO evidently demonstrate that there is no reference to any incriminating material found and seized during the course of search in respect of the addition towards share capital amounting to Rs. 2 Cr. The observations made by the Ld. AO are routine in nature which have been found from the accounts of the assessee and submissions made thereon. It is also undisputed that the year u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bated assessments, no addition can be made by the AO in absence of any incriminating material found during the course of search under section 132 or requisition under section 132A of the Act, 1961. However, the completed/unabated assessments can be re-opened by the AO in exercise of powers under sections 147/148 of the Act, subject to fulfilment of the conditions as envisaged/mentioned under sections 147/148 of the Act and those powers are saved. The question involved in the present set of appeals and review petition is answered accordingly in terms of the above and the appeals and review petition preferred by the Revenue are hereby dismissed. No costs. 7. In these circumstances, respectfully following the decision of the Hon ble Supreme Co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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