No addition U/s 68 in absence of incriminating material during search

ACIT Vs M/s Moolchand Steels Pvt. Ltd. (ITAT Delhi)

CONCLUSION –

No addition could have been made u/s 68 of the Act in view of the fact that no incriminating material was found during the course of search to which this impugned addition could be related.

FACTS –

During assessment proceedings AO observed that in FY 2005-06, 2000 shares were issued to M/s. Geefcee having face value of INR 100 per share at premiu

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