ITAT Quashes ₹42 Cr 153A Addition: No Incriminating Material Found During Search

Akshaya Vinimay Pvt. Ltd Vs ACIT (ITAT Delhi) The Delhi ITAT quashed a ₹42.10 Crore addition made in a Section 153A assessment, confirming that additions cannot be made to completed assessments without incriminating material seized during the search. The ruling follows the binding Supreme Court precedent in Abhisar Buildwell. The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has delivered a significant ruling by quashing an assessment order and confirming that additions made during an assessment under Section 153A of the Income Tax Act must be strictly based on incriminating material fo...