Held that in the absence of incriminating material discovered as a result of search, no addition could be made in the assessment framed under section 143(3) read with section 153A of the Ac. As regards issue of addition made towards unsecured loans for both assessment years are set aside to the file of the Assessing Officer to re-examine the claim of the assessee in light of the decision of the Supreme Court in the case of PR. CIT v. Abhisar Buildwell P. ltd. (2023) 454 ITR 212 (SC ) and decide the issue in accordance with law. (AY.2010-11, 2011-12)
Ritesh Rai v. Dy. CIT (2023)106 ITR 1 (SN.)(Chennai) (Trib)
S. 153A: Assessment-Search-Assessments concluded on date of search-Do not abate-No addition can be made without incriminating material found during search-Un secured loan-Remanded to Assessing Officer to re-examine claim in light of decision of Supreme Court in PCIT v. Abhisar Buildwell P. Ltd((2023) 454 ITR 212 (SC )