Addition u/s 68 was deleted as no incriminating material found during search for Unabated AY

DCIT Vs NRVS Steels Ltd. (ITAT Raipur)

Conclusion: In absence of any incriminating material unearthed during the search from the premises of assessee for an unabated / completed assessment year, no addition under section 68 on account of undisclosed income was justified and AO could re-open the assessment in exercise of powers under sections 147/148, subject to fulfilment of the conditions as envisaged/mentioned under sections 147/148.

Held: Assessee was a Public Limited Company, engaged in manufacturing of Sponge Iron through processing Iro

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