Assessment U/s. 153C in absence of incriminating material is bad in law

Nova Iron & Steel Ltd. Vs. DCIT (ITAT Delhi) Assessee submitted that search was conducted in Today group of cases and assessee- company was not subjected to search. The assessing officer made addition on account of unexplained credit under section 68 of the Income Tax Act and disallowed loss of the current year brought forward losses which are part of the record and mentioned in the books of account of the assessee- company. He has submitted that since no incriminating material/documents were found during the course of search against the assessee- company and it is not proved that any incr...