Search Assessment in absence of incriminating material not valid

First question arises for determination in this case is as to whether the AO is justified to complete the assessment u/s 153A by making an addition of Rs.2,34,54,000/- for AY 2006-07 and Rs.7,12,00,000/- for AY 2007-08 even in the absence of any incriminating material deemed found during the search conducted u/s 132 of the Act?” Identical issue has come up before the Hon’ble jurisdictional High Court in the case cited as Please become a Premium member. If you are already a Premium member, login here to access the full content.