Case Law Details
DCIT Vs Apple Metal Industries Pvt Ltd (ITAT Delhi)
Assessment for Assessment Year 2011-12 was completed after making addition on account of unverified share application money amounting to Rs. 8,70,71,936/- and in Assessment Year 2014-15, addition on account of unverified share capital amounting to Rs. 30,00,600/- was made.
The impugned assessment order clearly shows that the impugned additions are devoid of any incriminating material found at the time of search. We are of the considered opinion that on the given facts of the case, the ratio laid down by the Hon’ble Supreme Court in the case of Singhad Technical Education 397 ITR 343 squarely apply wherein the Hon’ble Supreme Court has held that the nexus between issue of notice u/s 153C of the Act and incriminating material found as a result of search must exist.
Therefore, the decision of the Hon’ble Supreme Court in the case of Singhad Technical Education Society [supra] squarely apply and cancelled the assessment.
FULL TEXT OF THE ORDER OF ITAT DELHI
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