Assessee-company was engaged in real estate, land trading and trading and development. A search was conducted at premises of assessee. Assessing Officer held\u00a0 that assessee-company had issued share capital but had failed to discharge its onus of proving identity, creditworthiness and genuineness of transaction Therefore, same was considered as unexplained cash credit. CIT(A) up held the addition. On appeal\u00a0 the Tribunal held that since addition had been made by Assessing Officer of items which were already disclosed to Department in original return of income and assessment was already completed on date of search and no incriminating material was found during course of search so as to make addition, said addition was to be deleted. (AY. 2003-04 to 2006-07)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 153A : Assessment-Search-Share capital-Items already disclosed in original return and balance sheet-In absence of recovery of any incriminating material for making said addition in hands of assessee, said addition was to be deleted. [S. 68] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-16682","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-4l4","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/16682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=16682"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/16682\/revisions"}],"predecessor-version":[{"id":16683,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/16682\/revisions\/16683"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=16682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=16682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=16682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}