Addition without incriminating material not sustainable for assessment unabated on search date

Ritesh Rai Vs DCIT (ITAT Chennai)

ITAT Chennai held that in absence of incriminating material as a result of search, no addition can be made in the assessment framed u/s.143(3) r.w.s.153A of the Act, if such assessments are unabated on the date of search.

Facts- The assessee is the Managing Director of M/s. SBQ Steels Ltd., & M/s. RKKR Steels Ltd., and both companies are engaged in manufacture and sale of iron & steel bars.

Durin

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