Assessment U/s. 153A- In absence of Incriminating material no addition can be made in respect of concluded assessments

Y.V. Anjaneyulu Vs. Dy. CIT (ITAT Visakhapatnam) In this case, search was taken place on 24-7-2008. As on the date of search, the assessments for the assessment years 2004-05 and 2005-06 are already concluded and there is no pending proceeding for those assess­ment years. The time limit for issue of notice under section 143(2) of the Act for the assessment years 2004-05 and 2005-06 has been expired. The assessing officer made additions towards deemed dividend under section 2(22) (e) of the Act without any incriminating materials and also based on the books of account and financial statements,...