Section 68, 153A of Income Tax Act, 1961— It is observed that the addition of Rs. 3.15 by treating the share application money as unexplained cash credit u/s 68 was made in the present case by the AO in the assessment completed u/s 153A of the Act for A.Y. 2010-11 on the basis of bank account found during the course of search and since the said bank account as well as transactions reflected therein were duly disclosed by the assessee company in its return of income originally filed for A.Y. 2010-11, we find ourselves in agreement with the contention of the ld. Counsel for the assessee that the same cannot be treated as incriminating material found during the course of search. The addition of Rs. 3.15 crores made by the Assessing Officer u/s 68 and confirmed by the ld. CIT(A) thus was not based on any incriminating material found during the course of search and the same, in our opinion, is not sustainable being outside the scope of section 153A of the Act.

Held that— We, therefore, delete the said additions made in both the years under consideration and allow these appeals of the assessee.[M/S. SARVA PRIYA HOLDINGS PVT. LTD. VERSUS DCIT CENTRAL CIRCLE-4 (3, KOLKATA.][2019] 19 ITCD Online (9) [ITAT KOLKATA]