Addition u/s 68 unsustainable as no incriminating material found during search

DCIT Vs Bhavya Pankaj Shah (ITAT Mumbai) ITAT Mumbai held that addition under section 68 of the Income Tax Act unsustainable in absence of any incriminating material found during the course of search. Facts- The assessee herein belongs to Pankaj Shah family. The assessee alongwith other family members and group companies were subjected to search operations u/s. 132 of the Act. Consequently thereto, the assessment was completed in the hands of the assessee u/s. 143(3) read with section 153A of the Act, wherein long term capital gains declared by the assessee were disallowed holding them to be b...