Addition Not Sustained as No Incriminating Material Found & Assessment Completed on Search Date

Oswal Fab Knits Ltd. Vs DCIT (ITAT Chandigarh) ITAT Chandigarh held that no incriminating material found during course of search and assessment is completed during date of search hence addition under section 68 of the Income Tax Act not sustainable. Facts- Assessee has preferred the present appeals. The common issue involved in all the appeals is relating to the addition made by the AO under Section 68 of the Income Tax Act, 1961 treating the share application money received by the assessee as unaccounted income of the assessee. Conclusion- Hon’ble Supreme Court in the case of PCIT Vs Ab...