No Additions in Search Assessment Without Incriminating Material: ITAT Lucknow

Ocean Dream Infrastructures Pvt. Ltd Vs DCIT (ITAT Lucknow) Income Tax Appellate Tribunal (ITAT) Lucknow has set aside an addition of ₹2 crore made against Ocean Dream Infrastructures Pvt. Ltd. under Section 68 of the Income Tax Act, 1961. The case involved assessment orders for AY 2013-14 and AY 2014-15, wherein additions were made without any incriminating material found during a search operation under Section 132. The assessee argued that such additions were legally unsustainable, citing the Supreme Court’s ruling in PCIT vs. Abhisar Buildwell Pvt. Ltd. and DCIT vs. U.K. Paints (Oversea...