Addition u/s. 68 deleted in absence of any adverse incriminating material: ITAT Delhi

ACIT Vs Shalimar Lakecity Pvt. Ltd. (ITAT Delhi) ITAT Delhi held that addition under section 68 towards unexplained income rightly deleted as no adverse incriminating material/ document found in the premises of the searched person. Accordingly, appeal of the revenue dismissed. Facts- Based on the search and seizure operations on Shalimar Group of cases on 18.06.2015, the notice u/s. 153C of the Act was issued to the respondent/assessee. In response to notice u/s. 153C of the Act, the respondent/assessee filed its ITR declaring loss of (-) Rs.19,98,293/- on 12.02.2018. The case was completed u/...