No addition in Section 153A assessment for unexplained share capital In absence of incriminating material

M/s. Garg Brothers Pvt. Ltd. Vs DCIT (ITAT Kolkata) Hon’ble ITAT held that In respect of assessments completed prior to date of search that have not abated, the scope of proceedings under section 153A of Income Tax Act, 1961 has to be confined only to material found during search. As no material, whatsoever, was found in the course of search, question of making addition on account of unexplained share capital could not have been the subject-matter of proceedings under section 153A. FULL TEXT OF THE ITAT JUDGMENT The captioned three appeals filed by the different assessee’s involving co...