2023 (2) TMI 127

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.... case and in law, the ITAT was right in holding that the additions in question were not based on any search material and, therefore, the additions so made de hors search material is unsustainable when the facts leading to addition made under Section 68 of the I.T. Act were unearthed during search under Section 132 in the premises of the assessee and its group and consequential survey u/s.133A made in the business premises of the alleged creditor, M/s. AIM Credit Capital Pvt. Ltd by the Investigation Wing?" 2. This appeal by the Revenue is directed against an order dated 19th April, 2018 passed by the Income Tax Appellate Tribunal, Cuttack Bench, Cuttack (ITAT) in allowing IT (SS) A No.38/CTK/2018 filed by the Assessee for the Assessment ....

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.... addition made by the AO under Section 68 of the Act. 6. Thereafter, the Assessee went in the appeal before the ITAT where inter alia it contended that the assessment under Section 153A of the Act had been made on the basis of the books of account of the Assessee without referring to any material found during the course of search. Relying on the decision of the High Court of Delhi in CIT (Central)-III v. Kabul Chawla (2016) 380 ITR 573 (Del), it was submitted that the additions could not be sustained. 7. The ITAT has in the impugned order referred to a number of decisions of the High Courts including the judgments in Pr. CIT v. Meeta Gutguita Prop. M/s. Fems "N" Petals (2017) 395 ITR 526 (Del), CIT v. Gurinder Singh Bawa, 386 ITR 143 ....