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| The Tax Publishers2019 TaxPub(DT) 5667 (Del-Trib) INCOME TAX ACT, 1961
Section 153A
Since in the instant case, there was no evidence whatsoever on record that any incriminating material was found during the course of search, therefore, addition so made on the basis of enquiries made subsequent to the search was liable to be deleted.
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Search and seizure - Assessment under section 153A - Absence of incriminating material unearthed during search action -
Pursuant to a search action, while framing assessment under section 153A, assessee was subjected to addition on account of gain on sale of investment. Held: There was no unaccounted transaction found during the course of search. The capital gain that arose from sale of shares were already recorded in books of account and no incriminating material, whatsoever, was found during course of search. Since in the instant case, there was no evidence whatsoever on record that any incriminating material was found during the course of search and since the addition was made on the basis of certain inquiries conducted subsequent to the search on the basis of return already filed, therefore, on this issue itself addition was to be deleted.
REFERRED : Pr. CIT v. Meeta Gutgutia (2017) 395 ITR 526 (Del) : 2017 TaxPub(DT) 1767 (Del-HC) and CIT v. Kabul Chawla (2015) 21 taxman.com 412 (Del) : (2015) 234 Taxman 300 (Del) : (2015) 380 ITR 573 (Del) : 2015 TaxPub(DT) 3486 (Del-HC)
FAVOUR : In assessee's favour
A.Y. :
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