Regarding the additions made u/s 153A, the ITAT held that since ...

ITAT Rules No Additions u/s 153A Without Incriminating Material; Upholds Deletion of Additions u/ss 69A and 69C.

December 7, 2024

Case Laws Income Tax AT

Regarding the additions made u/s 153A, the ITAT held that since no incriminating material was referred to by the Assessing Officer (AO) during the search, no additions could be made in a completed assessment as per the Supreme Court's decision in Abhisar Buildwell Pvt. Ltd. Secondly, concerning the addition of bogus purchases, the ITAT observed that the purchases were accounted for in the regular books, and the source of payments was duly explained. Hence, the provisions of Section 69C were not applicable. Thirdly, regarding the addition u/s 69A, the ITAT upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s deletion of the addition, considering the assessee's retracted undisclosed income figure backed by credible evidence and the presumption u/ss 132(4A) and 292C.

View Source

← Previous Next →

Regarding the additions made u/s 153A, the ITAT held that since ...

ITAT Rules No Additions u/s 153A Without Incriminating Material; Upholds Deletion of Additions u/ss 69A and 69C.

December 7, 2024

Case Laws Income Tax AT

You may also like:

The ITAT Delhi addressed the validity of additions in an assessment u/s 153A without incriminating material post a search u/s 132. Citing Abhisar Buildwell (P) Ltd., the...

Assessment u/s 153A - addition made in respect of completed assessment in absence of any incriminating material - The tribunal found that the additions made to the...

The ITAT Delhi ruled on an assessment u/s 153A, focusing on additions u/s 68 and undisclosed sources based on the Assessee's bank statement. The Tribunal found no...

Assessment u/s 153A - Unexplained investment in hotel construction rejected as the material found during search pertained to another person, not the assessee. CIT(A) had...

The Appellate Tribunal considered the validity of assessment u/s 153A regarding the inclusion of incriminating documents seized during a search. Referring to the Kabul...

Additions u/s 153A solely based on a sketchy statement of an accountant u/s 132(4), which in turn is based on a confessional statement of a director in a previous...

Assessment u/s 153A - Addition u/s 69A by the Assessing Officer on account of difference in amount credited in bank and sale proceeds shown in the income tax return. It...

ITAT ruled against additions made under section 153A for unsecured loans (s.68) and interest expense disallowance (s.37(1)) in a concluded assessment year. Following SC...

The case involved legality of assessment u/s 153A without search or Panchnama. The search warrant named the assessee company, rejecting the objection. No incriminating...

The ITAT allowed the assessee's appeal. Regarding the transfer pricing adjustment for interest charged on loans, the ITAT upheld the CIT(A)'s deletion of the adjustment,...

Assessment u/s 153A - Addition based on the valuation report - completed assessment - nature of material found in the course of search which led to impugned additions -...

Validity of assessment u/s 153A regarding unexplained cash credits u/s 68, absence of incriminating material found during search proceedings, and lack of valid approval...

Assessment u/s 153A - computation of income from house property. Additions proposed relate to unabated assessment years from 2013-14 onwards where no incriminating...

Assessment u/s 153A - completed assessments to be interfered with by the A.O. while making the assessment u/s 153A - The Tribunal upheld the decision of the Ld. CIT(A)...

Assessment u/s 153A - addition u/s 68 - The assessee contended that the additions were not based on any incriminating material found during the search. The Tribunal held...

Quick Updates: