Income Tax Tribunal Rejects Reassessment Without Incriminating Evidence, Upholds Taxpayer's Stock Explanation Under Section 153A

ITAT held that additions made under Section 153A were improper where no incriminating material was discovered during search for the assessment year (AY 2013-14). The appellate tribunal determined that without specific incriminating evidence found during search proceedings, the Assessing Officer cannot make additions to completed assessments. The tribunal emphasized that stock statements from other years cannot be considered incriminating material, and since the assessee's opening stock was carried forward and explained, no additions under Sections 69 or 69B were warranted. The tribunal consequently set aside the additions made by the Assessing Officer as contrary to legal provisions and established judicial precedents. .....

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