Addition in Unabated Assessment Must Be Based on Seized/Incriminating Material

Aashiyana Civil Contractors P. Ltd. Vs DCIT (ITAT Delhi) In the case of Aashiyana Civil Contractors P. Ltd. vs. DCIT, the Income Tax Appellate Tribunal (ITAT) Delhi ruled on the addition of Rs. 13.16 lakh as unexplained cash credits for the assessment year 2011-12. The proceedings were initiated following a Section 132 search action conducted on September 30, 2015. The Assessing Officer (AO) invoked Section 68 of the Income-tax Act, 1961, to make the addition, which was subsequently upheld by the Commissioner of Income Tax (Appeals) [CIT(A)]. The ITAT, however, observed that the assessment yea...