No Additions in Completed Assessments years if not Incriminating Material found during search

DCIT Vs Aachman Vanijya Private Limited (ITAT Mumbai) In a ruling with implications for income tax assessments following search and seizure operations, the Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has dismissed appeals filed by the revenue department, affirming that additions to income in completed assessments for years preceding a search cannot be made without incriminating material found during the search of the assessee. The tribunal’s decision, covering Assessment Years 2012-13 and 2015-16, reinforces the principle that Section 153A of the Income Tax Act, 1961, primarily t...