A search was conducted at the premises of the Assessee. Subsequent to the search, the AO passed an assessment order under section 143 r.w.s 153A and made additions under sections 68 and 69C on account of alleged bogus long-term capital gains. However, the CIT(A) and the Tribunal held that no incriminating material was found in the premises of the Assessee.

Referring to the decision of the Supreme Court in the case of  PCIT v. Abhisar Buildwell P. Ltd  (2023)  454 ITR 212(SC), the Court emphasized that the jurisdiction of the AO to make an assessment is confined to the incriminating materials found during the course of the search under section 132. In the absence of any incriminating material found during the search, the assessments could not be substantiated. Therefore, the Court concluded that there was no substantial question of law, and the appeal was dismissed.