Addition u/s 68 was deleted as no incriminating material found during search for Unabated AY

DCIT Vs NRVS Steels Ltd. (ITAT Raipur) Conclusion: In absence of any incriminating material unearthed during the search from the premises of assessee for an unabated / completed assessment year, no addition under section 68 on account of undisclosed income was justified and AO could re-open the assessment in exercise of powers under sections 147/148, subject to fulfilment of the conditions as envisaged/mentioned under sections 147/148. Held: Assessee was a Public Limited Company, engaged in manufacturing of Sponge Iron through processing Iron Ore, coal and dolomite. A search and seizure operat...