Section 153C Addition Quashed for No Incriminating Material Found

Namah Shivaya Marketing Private Limited Vs ITO (ITAT Delhi) No Incriminating Material, No Addition: Delhi ITAT Quashes s.153C Addition in Unabated Year Delhi ITAT deleted an addition of ₹11.30 lakh made u/s 153C, holding that in an unabated assessment year no addition can be sustained in the absence of incriminating material found during search. The case arose out of a search conducted on the Tirupati Sunworld Group on 11-11-2014, pursuant to which notices u/s 153C r.w.s. 153A were issued to the Assessee. Although AY 2014-15 was a completed (unabated) year, the AO made addition u/s 68 on the...