Held that when no incriminating material was found the assessment u/s. 153A is held to be not sustainable. Tribunal also held that sales tax subsidy is capital receipts hence not to be reduced from Book profits. (AY. 2006-07)
JSW Steel Ltd. v. Dy.CIT (2021) 90 ITR 28 (SN) (Mum.)(Trib.)
S. 153A : Assessment-Search or requisition-No incriminating material was found-Assessment not sustainable-Sales tax subsidy-Capital receipts-Not to be reduced from Book profits. [S. 4, 115JB, 132]