Addition in already assessed income not sustainable, in absence of any incriminating material found during search

Brief of the Case ITAT Mumbai held In the case of Shri Vimal Kumar Rathi vs. DCIT that it is settled legal position that in the absence of any incriminating material found during search, additions made on the assessed income are unsustainable in law. In current case, there is no reference to the seized material in any of the additions made by the AO. Hence, additions are not sustainable. Facts of the Case The assessee is engaged in the business of trading in Plywood, Laminates & Timber etc and is an associate of the Euro Group of concerns. A search and seizure action u/s 132 was conducted ...