2023 (5) TMI 1107 - AT - Income Tax

Assessment u/s 153A - Addition u/s 68 - assessee neither furnished any explanation nor the party to the agreement responded to the summons issued by the AO - CIT (A) deleted the addition on the ground that the transaction of forfeited amount was accounted for by the assessee in the books of accounts and the agreement referred to by AO is not incriminating material found during search operation - HELD THAT:- Since the assessment year under consideration is a completed assessment year, any addition/disallowance ought to have been made by AO on the basis of /evidence as such incriminating material/evidence as found during the search proceedings including CIT Vs. Kabul Chawla [2015 (9) TMI 80 - DELHI HIGH COURT] - additions made by AO is not sustainable and deserve to be deleted as the addition had been made during the regular course of assessment proceedings and not on the basis of incriminating material/evidence found during the search proceedings.

No infirmity in the order passed by the ld. CIT (Appeals). Decided against revenue.