Held that in respect of assessments not abating on date of search when no incriminating material were found addition cannot be made. With regard to loss incurred, the Assessing Officer was to determine the type of loss, speculative, non-speculative or business and allow it in accordance with the provisions of law. (AY. 2006-07 to 2009-10)
Raju Verma v. Dy. CIT (2022) 98 ITR 15 (SN.) (Dehradun) (Trib)
S. 153A : Assessment-Search or requisition-Assessments not abating on date of search-No incriminating material-Addition cannot be made-Loss on sale of investments-Matter remanded. [S. 73]