Bank Account disclosed in ITR found in search cannot be treated as Incriminating Material

Sarva Priya Holdings Pvt. Ltd. Vs DCIT (ITAT Kolkata) The issue under consideration is whether the addition made by AO u/s 68 by considering the share application money received by assessee as unexplained cash credit is justified in law? ITAT states that, the addition of Rs. 3.15 by treating the share application money as unexplained cash credit u/s 68 was made in the present case by the AO in the assessment completed u/s 153A of the Act for A.Y. 2010-11 on the basis of bank account found during the course of search and since the said bank account as well as transactions reflected therein were...