₹9.99 Cr Addition Deleted Due to Absence of Incriminating Material in Search Proceedings

DCIT Vs Whitelotus Solar Private Limited (ITAT Chennai) The ITAT Chennai examined a revenue appeal against the order of the Commissioner of Income Tax (Appeals) [CIT(A)] for Assessment Year 2015–16, concerning deletion of an addition of ₹9.99 crore made under Section 68 of the Income-tax Act in respect of preference share capital. The addition was originally made by the Assessing Officer (AO) in proceedings under Section 153A read with Section 143(3) following a search conducted in 2019 in the group to which the assessee belonged. The assessee had initially filed its return declaring a los...