DCIT (CENTRAL), BHOPAL vs. SHAILENDRA SHARMA, BHOPAL

In the result the appeals of the assessee for the Assessment

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

132A of the Act. Accordingly in the facts and circumstances of the case when no incriminating material was found or seized during the course of search and seizure operation disclosing any undisclosed income on account of unsecured loans, the addition made by the A.O is not sustainable in law as laid down by Hon’ble Supreme Court in the case

NILIMA KOTHARI,INDORE vs. THE INCOME TAX OFFICER, NATIONAL FACELESS ASSTT. CENTRE, INDORE

In the result appeal of the assessee is allowed as per terms indicated above