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August 2024

Addition made by Assessing Officer during reassessment proceedings, not being based on any incriminating material during search and seizure action, was to be deleted.

By Jagdish T Punjabi, Chartered Accountant
Devendra Jain & Aditya Bhatt, Advocates
Reading Time 8 mins

29 Ashish Jain vs. DCIT

[2024] 111ITR(T)152 (Chd - Trib.)

ITA No. 352 (CHD) of 2023

A.Y.: 2012–13

Date of order: 23rd January, 2024

Section: 153A

Addition made by Assessing Officer during reassessment proceedings, not being based on any incriminating material during search and seizure action, was to be deleted.

FACTS

A search and seizure operation u/s 132(1) was carried out at the residential and business premises of M/s Jain Amar Clothing Pvt. Ltd. Group of cases on 26th February, 2016, and the assessee’s premises were also searched on the said date. Thereafter, a notice dated 28th September, 2016 u/s 153A was issued upon the assessee.

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