No Additions in Search Assessment Without Incriminating Material: ITAT Lucknow

Ocean Dream Infrastructures Pvt. Ltd Vs DCIT (ITAT Lucknow)

Income Tax Appellate Tribunal (ITAT) Lucknow has set aside an addition of ₹2 crore made against Ocean Dream Infrastructures Pvt. Ltd. under Section 68 of the Income Tax Act, 1961. The case involved assessment orders for AY 2013-14 and AY 2014-15, wherein additions were made without any incriminating material found during a search operation under Section 132. The assessee argued that such additions were legally unsustainable, citing the Supreme Court’s ruling in PCIT vs. Abhisar Buildwell Pvt. Ltd. and DCIT

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