Dismissing the appeal of the Revenue the Court held that since no incriminating material was found during search, no addition could have been made to income of assessee which was already assessed. Relied on PCIT v. Abhisar Buildwell (P.) Ltd. [2023] 293 Taxman 141/454 ITR 212 (SC). (AY. 2005-06, 2006-07)
PCIT v. Backbone Projects Ltd. (2023) 457 ITR 50 /295 Taxman 54 (Guj.)(HC)
S. 153A : Assessment-Search-Industrial undertakings-Original assessment completed-No incriminating material was found-Disallowance of deduction under section 80IA is not valid. [S. 80IA(4), 132, 260A]