Section 153C: Addition for Share Capital without Incriminating Material not sustainable

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 ...