Search Assessments Must Rely on Seized Material, Not Fishing Expeditions – Additions Quashed

Varadappan Natarajan Vs ACIT (ITAT Chennai) Search Assessments Cannot Be Fishing Expeditions – Only Seized Material Can Trigger Additions- ITAT Chennai Quashes Additions in Search Assessment for Lack of Incriminating Material Chennai ITAT, in the case of V. Natarajan, a Chartered Accountant & Chairman of Pavai Varam Educational Trust, quashed the additions made by AO in assessments framed u/s 153A r.w.s. 143(3) for A.Ys. 2015-16 & 2016-17, holding that no additions can be made under Section 153A without incriminating material found during search. A search u/s 132 was conducted on 27....