Held, dismissing the appeal of the Revenue the Court held that both the Commissioner (Appeals) and the Tribunal had given concurrent findings of fact that no incriminating evidence found during the search conducted under section 132 had been brought on record by the Assessing Officer and the time for issuing notice under section 143(2) had elapsed at the time the search proceedings had been undertaken. (AY.2009-10)
PCIT v. Alchemist Capital Ltd. (2022) 447 ITR 668 (Delhi)(HC)
S. 153A : Assessment-Search or requisition-Notice-Search and seizure-No incriminating material found during search-Time for issue of notice under section 143(2) expiring on date of search-Additions cannot be made. [S. 132, 143(2)]