No Seized Material, No 153A Addition: ₹1.34 Cr Penny-Stock Addition Quashed

Ashish Shashikant Choksi Vs ACIT (ITAT Mumbai)

No Seized Material, No 153A Addition- Search Yielded Nothing Against Assessees: Entire ₹1.34 Cr Penny-Stock Addition Quashed

These seven connected appeals arose from assessments framed u/s 153A after a search on 24.08.2018 in the Platinum Group, covering residential premises of the Assessees. All cases involved a common addition: treating entire sale consideration from sale of shares of PMC Fincorp Ltd (formerly Priti Mercantile Ltd) as unexplained credit u/s 68, based on DGIT (Inv) Lucknow reports, SEBI’s 2

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