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2023 (8) TMI 225 - ITAT CHENNAIAssessment u/s 153A - unexplained cash credit addition - addition made towards capital introduced in Dragon Movies - incriminating material found as a result of search or not? - HELD THAT:- It is a well-established principle of law by the decision of Abhisar Buildwell Pvt. Ltd. [2023 (4) TMI 1056 - SUPREME COURT] that no addition can be made in absence of incriminating material found as a result of search, if the assessment is unabated/concluded as on the date of search. A similar view has been taken in the case of PCIT v. Meeta Gutgutia [2017 (5) TMI 1224 - DELHI HIGH COURT] as clearly held that in absence of any incriminating material, no addition can be made in the assessment framed u/s. 153A/153C. In the present case, there is no dispute with regard to the fact that additions made by the AO towards cash credit being capital introduced in Dragon Movies is not based on any incriminating material found as a result of search. Therefore, additions made by the AO towards unexplained cash credit is unsustainable under law. Addition deleted - Decided in favour of assessee.
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