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2019 (5) TMI 850 - AT - Income TaxAssessment u/s 153A - Unexplained cash credit u/s 68 - whether search and seizure did disclose any incriminating material? - HELD THAT:- Addition by treating the share application money as unexplained cash credit u/s 68 was made by the Assessing Officer in the assessment completed u/s 153A on the basis of Bank account found during the course of search and since the said Bank account as well as the transactions reflected therein were duly disclosed by the assessee in its return of income originally filed for the year under consideration, we find ourselves in agreement with the contention of the assessee that the same cannot be treated as incriminating material found during the course of search. The addition made by AO u/s 68 and confirmed by the ld. CIT(Appeals) thus was not based on any incriminating material found during the course of search and the same, in our opinion, is not sustainable being outside the scope of section 153A - Decided in favour of assessee.
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