AO’s Share Capital/Premium Addition Invalid Due to Absence of Incriminating Evidence in Search: ITAT

The ITAT ruled that the addition of share capital premium to an assessee's income by the Assessing Officer (AO) is invalid in the absence of incriminating evidence found during a search. This decision arose from a case where the AO had increased the taxable income based on share premium amounts without concrete evidence from the search. The tribunal quashed the addition, underscoring the principle that any such additions must be backed by solid, incriminating evidence.