Section 153A Addition Without Incriminating Material Deleted; Net Interest Only Taxable; U/s 69A/69C Rejected – ITAT Mumbai

Bechar Raghvji Patel Vs ACIT (ITAT Mumbai) 153A Addition Without Incriminating Material Deleted – Interest Receipts/Payments Taxable Only on Net Basis – Additions u/s 69A 69C Rejected – ITAT Mumbai Search u/s 132 in Patel RPL Realty Group led to assessments u/s 143(3) r.w.s. 153A wherein AO made additions towards alleged unsecured loan & interest transactions based on seized Tally sheets. For AY 2012-13 (unabated year), ITAT held that no incriminating material was found during search; therefore assessment itself was bad in law following Abhisar Buildwell, and addition u/s 68 was quas...