Addition not justified in section 153A assessments where no incriminating material found

DCIT Vs United Stock Exchange of India Ltd. (ITAT Mumbai)

Conclusion: Additions could not be made in respect of assessments already completed if no incriminating material was found during search or during 153A proceedings.

Held: In CIT Vs. Continental Warehousing Corporation [2015 374 ITR 645] Bombay High Court held that no addition can be made in respect of assessments which have become final if no incriminating material is found during search or during 1

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