Incriminating evidence essential for additions in completed assessments, reopening permissible if statutory conditions met.

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....Absence of incriminating material during search precludes additions in completed assessments, as per Supreme Court's ruling in Principal Commissioner of Income-tax, Central-3 Vs. Abhisar Buildwell (P.) Ltd. However, completed/unabated assessments can be reopened by the Assessing Officer u/s 147/148, subject to fulfilling prescribed conditions. The High Court clarified that while no additions can be made without incriminating evidence from search/requisition, reopening of assessments is permissible if statutory requirements u/s 147/148 are met. Contentions regarding reopening were expressly kept open.....