No addition for undisclosed income if no incriminating material found during search

Vijay M Pai Vs DCIT (ITAT Chennai) ITAT Chennai held that undisclosed income allegation unsustainable as during search no incriminating material was found in respect of on-money receipt and AO also failed to establish the receipt of the same. Facts- During the course of search, unaccounted cash of Rs. 10 Lakhs has been seized. Notice u/s 153A was issued to the assessee. The assessee filed the return of income in response to the notice issued under section 153A of the Act only on 25.10.2012 admitting income of Rs.1,64,49,440/-. Subsequently, the Assessing Officer has issued notice under section...