Unjustified Addition of Section 68: Lack of Incriminating Material During Search

Morpan Merchant Private Limited Vs DCIT (ITAT Mumbai) ITAT Mumbai held that addition u/s 68 of the Income Tax Act towards share application money unsustainable since they are not based on any incriminating material found during the course of search. Facts- The assessee herein belongs to Gauti Group. The assessee along with other group concerns/family members was subjected to search operations u/s. 132 of the Act on 09-03-2015 by the Investigation wing of the Income tax department. Consequent thereto, the assessments were completed in the hands of the assessee for the above said years u/s. 143(...