Dismissing the appeal of the revenue the Court held that in absence of incriminating material found during search, assessment made under section 153A on basis of statement recorded under section 132(4) of a third person, without providing an opportunity to cross-examine witness and without following mandatory procedure under section 153C, was not justified.
PCIT v. Anand Kumar Jain (2021) 133 taxmann.com 288 (Delhi)(HC) Editorial: Notice issued in SLP filed by the revenue ; PCIT v. Anand Kumar Jain (2022) 284 Taxman 633 (SC)
S. 153A : Assessment-Search or requisition-In the absence of incriminating material merely on the basis of statement recorded of third person without providing an opportunity of cross examination-Addition cannot be made. [S. 132(4), 153C]