Section 153C: Addition for Share Capital without Incriminating Material not sustainable

DCIT Vs Apple Metal Industries Pvt Ltd (ITAT Delhi)

Assessment for Assessment Year 2011-12 was completed after making addition on account of unverified share application money amounting to Rs. 8,70,71,936/- and in Assessment Year 2014-15, addition on account of unverified share capital amounting to Rs. 30,00,600/- was made.

The impugned assessment order clearly shows that the impugned additions are devoid of any incriminating material found at the time of search. We are of the considered o

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