Addition not sustained in absence of incriminating material during search: ITAT Pune

DCIT Vs Marsh Fincom Pvt. Ltd. (ITAT Pune) ITAT Pune held that addition in respect of share capital not sustainable as no incriminating material found during course of search regarding non-genuine share capital. Accordingly, addition towards the same deleted. Facts- Assessee is a private limited company engaged in the business of buying and selling of shares and securities and financing loans. A search and seizure action u/s 132 of IT Act was conducted on 20-08-2014 at the business & residential premises of different members/ associate concern of the Jhaveri Group at Mumbai/ Aurangabad &am...