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 153A proceedings. Respectfully following the same, additions made by AO was deleted. FULL TEXT OF THE ITAT JUDGEMENT 1. Aforesaid appeal by ...