Tribunal held that, there was nothing on record to show that during the course of search that took place, any document either belonging to the assessee or relating to the assessee was found, i.e., either from the premises of the assessee or any of its group concerns. When the assessee was not in existence at the time of first search and none of the documents found during the course of second search belonged to the assessee, further AO had not referred to any seized material found during the course of second search with respect to payment of interest on post-dated cheques out of books beyond six months from the sale deed, no addition could be sustained in the hands of the Assessee. (AY.2011-12)
Utkarsh Realtech Pvt. Ltd. v. ACIT (2019)76 ITR 688 (Delhi)(Trib.)
S. 153A : Assessment–Search-Assessee was not in existence at time of first search–No documents found in second search belonging to assessee-Payment of interest on post-dated cheques outside books beyond six months from sale deed-No addition could be sustained.