A search was conducted at premises of assessee-company wherein certain share certificates were found which showed that certain companies had invested in shares of assessee’s group of companies including assessee-Further, based on statement of one third party, Mr. Rajesh Agarwal  the  Assessing Officer held allotment of shares to investor companies as bogus and made addition under section 68  of the Act. Commissioner (Appeals) and Tribunal had given concurrent findings of fact that no incriminating material had been found during search and brought on record by Assessing Officer to sustain additions. On appeal the Court held that  no incriminating material had been brought on record by Assessing Officer and said parties had filed detailed replies in response to section 133(6) notices along with requisite details as required by Assessing Officer and moreover, investor companies had sufficient net worth to make investment in assessee’s group of companies, said share certificates could not be treated as incriminating. Further since assessees were denied opportunity to cross-examine  Rajesh Agarwal    despite a specific request, said statement needed to be excluded and could not be relied upon as a piece of evidence to make any addition. (AY. 2008-09 to 2011-12)