Section 68 & 153C of the Income-tax Act, 1961—Cash credit— Additions made were deleted as no incriminating material was found to support such additions.

Facts: "Whether the Tribunal was justified in deleting the additions made u/S. 68 on account of share application money in the assessments u/S. 153C r/w S. 143(3) on the ground that in the absence of any incriminating material found during search, additions made in the assessed income are unsustainable in law?"

Held, that the question framed itself clearly brings out the controversy that the additions made by the Assessing Officer were deleted by the Tribunal on the ground that during the search, no incriminating material was found to support such additions. - PR. CIT V/s DHANANJAY INTERNATIONAL LTD. - [2019] 11 ITCD Online 54 (BOM)