Material Seized from third party cannot be said to belonging to Assessee for mere mention of his name

DCIT Vs Esteem Textiles P. Ltd. (ITAT Delhi) Where AO had framed assessment under section 153C against assessee on basis of a list unearthed pursuant to a search and seizure operation at the premises of a third party, containing name of assessee as an investor, the assessment order was quashed because the said document could not be said to be belonging to assessee merely for the reason that assessee’s name was mentioned in it besides other investors. List of shareholders contained in Exhibit A1 and index sheet in Exhibit A8 cannot be said to belong to the assessee inasmuch as besides as...