HC held that assessment u/s 153A cannot be sustained in absence...

HC held that assessment u/s 153A cannot be sustained in absence of incriminating material unearthed during search u/s 132. The "base note" of a foreign bank, obtained post-search and not recovered in the course of search, could not constitute incriminating material to justify reassessment, particularly when original assessments were completed. Evidence, including confirmation from HSBC Bank (Suisse) SA Geneva, established that the assessee had no nexus with the foreign bank accounts, which belonged to group entities. In the absence of a clear, unimpeachable link between the assessee and the accounts, the additions were unjustified. Assessee's appeal was allowed.