The Tribunal held that during the search on the third party, certain documents belonged to the third party and some of its group companies were seized, but no document belonged to the assessee were found and seized as the provisions of section 153C were not invoked in the assessee’s case. Therefore, the addition made on account of post-dated cheques interest were to be deleted. (AY.2006-07, 2007-08)
Rainbow Promoters (P.) Ltd. v. ACIT (2022) 95 ITR 232 (Delhi)(Trib)
S. 153C : Assessment-Income of any other person-Search-Interest Paid on post-dated cheques in cash outside books of account-No documents belonging to assessee was found and seized-Interest on Post-dated cheques to be deleted. [S. 132]