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2018 (1) TMI 1517 - AT - Income TaxAssessment u/s 153A - unexplained cash credits with respect to share capital as per the provisions of section 56(2)(viia) and on account of shares purchased by the assessee of a company for consideration less than the fair value of the share - HELD THAT:- We do not find any merit in the present appeal filed by the Revenue. The facts vis-à-vis both the appeal that search action was carried out on the assessee on 4.10.2012 and at the time of search action no assessment or reassessment proceedings were pending is undisputed. It is also not disputed that no incriminating documents or record or any other evidence was found or seized during the course of search proceedings which resulted in any addition in the case of the assessee. CIT(Appeals) has rightly deleted the addition made following various judicial pronouncements in this regard. Thus no incriminating material was found during search action and hence addition made was not justified - See MEETA GUTGUTIA PROP. M/S. FERNS ‘N’ PETALS [2017 (5) TMI 1224 - DELHI HIGH COURT] - Decided in favour of assessee.
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