Addition u/s. 153A not sustained in absence of incriminating material found during search

Satish Soin Vs ACIT (ITAT Chandigarh) ITAT Chandigarh held that addition towards bogus Long Term Capital Gain u/s. 153A of the Income Tax Act cannot be sustained in the absence of any incriminating material found during the course of search. Accordingly, appeal allowed and addition deleted. Facts- The assessee has filed his return of income declaring total income at Rs.6,69,848/-. This income has been declared as ‘Business and Profession Income’ from M/s Ram Lal Satish Kumar, Salary Income from Saber Packaging Pvt. Ltd. He has declared capital gain income from other sources. The AO passed ...