Proceedings u/s 153C untenable as material seized during third party search not proved as belonging to assessee

ACIT Vs Ashrita Construction Pvt. Ltd (ITAT Ahmedabad) ITAT Ahmedabad held that AO failed to prove that material seized, during the course of search in case of third party, belong to the assessee. Hence, invocation of proceedings u/s. 153C of the Income tax Act is against the provisions of law. Facts- The assessee is a private limited company engaged in the business of construction activity. The assessee maintained regular books of accounts which are duly audited and original returns of income were filed. A search action u/s. 132 of the Act was conducted in the case of Venus Group of Ahmedaba...