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| The Tax Publishers2020 TaxPub(DT) 1347 (Bom-HC) INCOME TAX ACT, 1961
Section 153C
The question framed itself clearly brings out the controversy that additions made by AO were deleted by Tribunal on the ground that during the search, no incriminating material was found to support such additions, therefore appeal of Revenue was dismissed.
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Search and seizure - Assessment under section 153C - Addition under section 68 on account of share application money -
Revenue had challenged the judgment of Tribunal contending that Tribunal was not justified in deleting the additions made under section 68 on account of share application money in the assessments under section 153C read with section 143(3) on the ground that in absence of any incriminating material found during search, additions made in the assessed income were unsustainable in law Held: The question framed itself clearly brings out the controversy that additions made by AO were deleted by Tribunal on the ground that during the search, no incriminating material was found to support such additions. This issue was squarely covered by judgment of this Court in the case CIT v. Continental Warehousing Corpn. (Nhava Sheva) Ltd. (2015) 374 ITR 645 (Bom) : 2015 TaxPub(DT) 2182 (Bom-HC). Thus appeal was dismissed
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
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