No Addition u/s 56(2)(x) in 153A Without Incriminating Material: ITAT Delhi

Murari Lal Harish Chand Jaiswal Pvt. Ltd Vs DCIT (ITAT Delhi) No Addition u/s 56(2)(x) in 153A Without Incriminating Material: ITAT Delhi Deletes Addition Based on Annulled 143(3) Order The Delhi Bench of the ITAT allowed the assessee’s appeal for AY 2018-19 and deleted the addition of ₹1.81 crore made under section 56(2)(x) in the assessment framed under section 153A, holding that the addition was unsustainable in the absence of any incriminating material found during search. The Tribunal noted that a search under section 132 was conducted on 06.01.2021 while the regular assessment procee...