No addition u/s 153C based on third party statements without having corroborating evidence

Olive Overseas Private Limited Vs DCIT (ITAT Delhi) Conclusion: Merely relying on the statement of a third party without any corroborating evidence could not justify income tax additions. In the absence of incriminating material found during a search, AO could not enhance the taxable income in proceedings under section 153A. Held: Search and seizure operation was conducted on LARA Group of cases under section 132. Notice under section 153A was issued and the assessment proceedings under section 153A were set in motion. Assessee filed return of income under section 153A declaring total income a...