2015 (9) TMI 115 - DELHI HIGH COURT

Addition under Section 68 on bogus share capital - whether there was any incriminating material whatsoever found during the search to justify initiation of proceedings under Section 153A? - CIT(A) deleted the addition - Held that:- Order of the CIT(Appeals) correctly reveals that there is a factual finding that “no incriminating evidence related to share capital issued was found during the course of search as is manifest from the order of the AO.” Consequently, it was held that the AO was not justified in invoking Section 68 of the Act for the purposes of making additions on account of share capital. - Decided against revenue.