No Incriminating Material, No 153C: ITAT Quashes ₹32 Cr Share Capital Addition

Hiteshi Leasing And Housing Pvt. Ltd Vs DCIT (ITAT Delhi) A search was conducted on Bestech Group & some share capital documents of the assessee were found. Assessee itself was not searched, but the AO invoked Section 153C & completed assessment u/s 153A, adding ₹31.80 crore as bogus share capital u/s 68. Assessee argued that AY 2011-12 was an unabated year (original assessment already complete), so additions could be made only if the seized documents were “incriminating.” It showed that the seized documents were normal statutory/share capital records, already recorded in the aud...