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Incriminating documents seized during search were routine business records, not evidence of income suppression. Assessment u/s 153A invalid when regular assessment completed. Supreme Court's Abhisar Buildwell judgment relied upon. No violation of Section 47(xiii) provisos found - partners withdrew capital after reorganization, not as consideration for transfer. Madras High Court's CADD Centre judgment supported exemption u/s 47(xiii). Income Tax Appellate Tribunal set aside orders treating firm's assets/liabilities as taxable long-term capital gains u/s 45(4), allowing assessee's appeal.
Incriminating documents seized during search were routine business records, not evidence of income suppression. Assessment u/s 153A invalid when regular assessment completed. Supreme Court's Abhisar Buildwell judgment relied upon. No violation of Section 47(xiii) provisos found - partners withdrew capital after reorganization, not as consideration for transfer. Madras High Court's CADD Centre judgment supported exemption u/s 47(xiii). Income Tax Appellate Tribunal set aside orders treating firm's assets/liabilities as taxable long-term capital gains u/s 45(4), allowing assessee's appeal.
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