Dismissing the appeal of the revenue the Court held that as no incriminating documents were found in the course of search and the assessment was not pending on the date of search. Deletion of addition was held to be justified. Followed CIT v. Kabull Chawla (2016) 300 ITR 573 (Delhi) (HC). (AY. 2007-08)
PCIT (Central) v. Jaypee Financial Services Ltd. (2021) 282 Taxman 475 (Delhi)(HC)
S. 153A : Assessment-Search-No incriminating documents were found-Assessment was not pending on the date of search-Deletion of addition was held to be justified. [S. 40A(3), 132]