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ITAT allowed the assessees' appeals and deleted all additions made under s.153C. Relying on a coordinate bench decision arising from the same search group, ITAT held there was no seized material or statements indicating receipt of cash or other unaccounted consideration, nor any identified payer or corresponding additions in counterparties' hands. It held that in circular transactions, the margin disclosed in the books represents the commission element and, absent incriminating material, no higher income can be estimated on mere presumption. ITAT ruled that s.153C cannot be used for roving reassessment without assessee-specific incriminating material, and that estimated additions based on alleged bogus purchases/sales and enhanced profit rates were unsustainable. The jurisdictional challenge under s.153C was rendered academic.
ITAT allowed the assessees' appeals and deleted all additions made under s.153C. Relying on a coordinate bench decision arising from the same search group, ITAT held there was no seized material or statements indicating receipt of cash or other unaccounted consideration, nor any identified payer or corresponding additions in counterparties' hands. It held that in circular transactions, the margin disclosed in the books represents the commission element and, absent incriminating material, no higher income can be estimated on mere presumption. ITAT ruled that s.153C cannot be used for roving reassessment without assessee-specific incriminating material, and that estimated additions based on alleged bogus purchases/sales and enhanced profit rates were unsustainable. The jurisdictional challenge under s.153C was rendered academic.
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