No Addition in Unabated Search Year Without Seized Evidence: ITAT Kolkata

ITO Vs Unicorn Land Developers Pvt. Ltd. (ITAT Kolkata) No Addition in Unabated Search Year Without Incriminating Material: ITAT Kolkata Deletes ₹1.15 Cr Share Premium Addition The Kolkata ITAT dismissed the Revenue’s appeal and upheld deletion of ₹1.15 crore added under Section 68 on account of share capital and share premium in the case of Unicorn Land Developers Pvt. Ltd. for AY 2012-13. The assessee’s assessment for the year had already been completed under Section 143(3) on 02.03.2015, much prior to the search conducted on 09.09.2015, and therefore the year was an unabated assessm...