Section 153A Invalid Where No Incriminating Material Found in Search: ITAT Delhi

Hector Enterprises Pvt. Ltd Vs DCIT (ITAT Delhi) Section 153A Assessment Quashed – No Incriminating Material Addition Based Only on Retracted Statement Held Invalid The Delhi ITAT allowed the assessee’s appeal and deleted the addition of ₹27.99 crore made as alleged long-term capital gains in proceedings under Section 153A, holding the entire assessment to be without jurisdiction and unsustainable on merits. The Tribunal noted that although a search was conducted at the assessee’s premises, no incriminating material whatsoever was found or seized from the assessee. The addition was mad...