2024 (7) TMI 713 - AT - Income Tax

Assessment u/s 153A - Addition u/s 68 - unsecured loan - whether incriminating material found in search or not? - HELD THAT - Addition has been made without reference to any incriminating material. In this case, it is apparent that assessment year is unabated, hence the decision in the case of PCIT vs. Abhisar Buildwell (P.) Ltd. 2023 (4) TMI 1056 - SUPREME COURT squarely applies in the facts of the case. This is an unabated assessment and there was no reference to incriminating material to make the addition. Revenue could not dispute the above proposition and also could not dispute that there is no incriminating material on which addition is made. In these circumstances, in the background of the aforesaid discussion and precedent, we set aside the orders of the authorities below and decide the issue in favour of the assessee.

Summary

The appeal was filed against the order of the CIT (Appeals)-IV, Kanpur dated 19.11.2018 for the assessment year 2013-14. The addition of unsecured loan of Rs. 8,16,50,000/- was made without any incriminating material, leading to the decision in favor of the assessee. The appeal was allowed by the ITAT Delhi on July 9, 2024.