Section 68 Loan Addition Deleted: No Incriminating Material Found During Search

DCIT Vs Yardley Investment And Trading Company Private Limited (ITAT Mumbai) The appeal by the Revenue and the cross-objection by the assessee were heard by the Income Tax Appellate Tribunal, Mumbai for Assessment Year 2013–14. The dispute arose from an order passed by the Commissioner of Income Tax (Appeals), Mumbai, deleting an addition made under Section 68 of the Income-tax Act in respect of unsecured loans. The assessee, through its cross-objection, challenged the validity of proceedings initiated under Section 153A on the ground that no incriminating material was found during the searc...