Addition in absence of any incriminating material found during search is unsustainable

Manjeet Kaur Saran Vs ACIT (ITAT Delhi) ITAT Delhi held that addition made by the A.O. in the absence of any incriminating material found during the search operation conducted u/s 132 of the Income Tax Act is liable to be deleted. Facts- A search and seizure operation u/s 132 of the Income Tax Act, 1961 was carried out in HBN Group. The group was engaged in diverse businesses ranging from dairy development and marketing of dairy products; real estate development, home loan finance, and running a broadcast channel under the brand ‘CNEB’, through various companies. The group was main...