Assessment u/s. 153A quashed as addition u/s. 68 made without any incriminating material found during search

DCIT Vs Frost Falcon Distilleries Ltd (ITAT Delhi) ITAT Delhi held that assessments completed u/s. 153A, making addition u/s. 68 of the Income Tax Act, without any incriminating material found during the search action is unsustainable in law. Accordingly, addition deleted. Facts- A search operation was conducted in the office premises of Krish Group of Companies and accordingly notice u/s 143A of The Income Tax Act 1961 was issued upon the assessee which is engaged in the business of manufacturing of liquor beverages. AO was of the view that the assessee has failed to establish identity, credi...