No incriminating material was found during search that would have resulted in any addition in income returned by assessee. It was also an uncontroverted fact that assessment consequent to return of income filed u/s 139 for AY 2006-07 was completed. Thus, on date of search, no assessment was pending which could have abated. It was a case of non-abated assessment. No addition could be made in respect of assessments which became final if no incriminating material was found during search.
If any information belonging to an assessee found during course of search at another party and Ld AO initiated proceedings u/s 147/148 then the re-assessment proceedings passed u/s 148 shall not stand and assessment framed by AO is null and void as the correct course of initiation of proceedings is 153C and not u/s 147/148