Depreciation and routine compliance expenses disallowance did not prove inaccurate particulars or misreporting; penalty sustained only on foreign trav...
In the absence of incriminating material found during the search u/s 153A, no addition can be made for the assessment year 2012-13, except supported by incriminating documents. This view finds support from the Supreme Court's judgment in PCIT vs. Abhisar Buildwell P. Ltd., wherein it was held that no addition can be made for completed assessments without incriminating material. Further, the Rajasthan High Court's decision in PCIT vs. M/s. Esspal International P. Ltd. stated that merely based on a retracted statement, no addition can be sustained. Consequently, the addition was directed to be deleted, deciding in favor of the assessee.
In the absence of incriminating material found during the search u/s 153A, no addition can be made for the assessment year 2012-13, except supported by incriminating documents. This view finds support from the Supreme Court's judgment in PCIT vs. Abhisar Buildwell P. Ltd., wherein it was held that no addition can be made for completed assessments without incriminating material. Further, the Rajasthan High Court's decision in PCIT vs. M/s. Esspal International P. Ltd. stated that merely based on a retracted statement, no addition can be sustained. Consequently, the addition was directed to be deleted, deciding in favor of the assessee.
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