Section 68 Addition Deleted Due to Absence of Incriminating Material in Search Assessment

Reform Realty & Logistics Development Pvt. Ltd. Vs DCIT (ITAT Chennai) In Reform Realty & Logistics Development Pvt. Ltd. Vs DCIT, the appeal arose from an order of the Commissioner of Income Tax (Appeals) for Assessment Year 2017–18 concerning an assessment framed under Sections 143(3) read with 153A of the Income Tax Act, 1961. A search under Section 132 was conducted on 16.10.2019 in the NKV Krishna Group, covering the assessee as a group concern. During the assessment, the Assessing Officer added ₹10,00,000 as unexplained cash credit under Section 68, alleging that share capita...