Assessment u/s 153C - Additions made by revenue based on search...

Assessment u/s 153C - Additions made by revenue based on search findings in group cases of M/s SRS mining and its partners - The Tribunal noted that the AO of the assessee received the satisfaction note from the AO of the searched person. Based on the precedent set by the Supreme Court, it was determined that the assessment for AY 2015-16 was without jurisdiction as it fell outside the allowable period for assessment under section 153C. Consequently, the assessment for AY 2015-16 was quashed. - The Tribunal found that the additions were based solely on the incriminating material and the statement of an individual, which was later retracted. It was held that the material in question did not directly implicate the assessee, nor was there any corroborative evidence to support the addition. Therefore, the additions made for AYs 2016-17 and 2017-18 were deemed unsustainable, leading to their deletion.

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