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. During the course of assessment proceedings, the AO noticed that the assessee has received unsecured loans from various persons, and thus, called upon the assessee ...