No Addition towards Unsecured Loan can be Made by AO in Absence of Incriminating Materials found during Search and Seizure: ITAT [Read Order]

No -Unsecured- Loan - AO - Absence - Incriminating- Materials - Search - Seizure-ITAT-TAXSCAN

The Chennai Bench of Income Tax Appellate Tribunal (ITAT), held that no addition can be made by the AO in absence of any incriminating material found during the course of search under Section 132 of the Income Tax Act,1961. The assessee Mr.Ritesh Rai is the Managing Director of M/s.SBQ Steels Ltd., & M/s.RKKR Steels Ltd.,…

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