2019 (3) TMI 1731 - HC - Income Tax

Assessment u/s 153C - additions made u/s 68 on account of share application money - absence of any incriminating material found during search - HELD THAT - The question framed itself clearly brings out the controversy that the additions made by the Assessing Officer were deleted by the Income Tax Appellate Tribunal on the ground that during the search, no incriminating material was found to support such additions. This issue is squarely covered by the judgment of this Court in the case CIT V/s. Continental Warehousing Corporation 2015 (5) TMI 656 - BOMBAY HIGH COURT and CIT V/s. Gurinder Singh Bawa 2015 (10) TMI 1761 - BOMBAY HIGH COURT - Decided against revenue.

Summary

The High Court of Bombay dismissed appeals challenging the deletion of additions made under section 68 on account of share application money in assessments under sections 153C and 143(3) of the Income Tax Act. The Tribunal justified the deletion as no incriminating material was found during search to support the additions, citing precedent cases.