TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Highlights
of of All Highlights
Note
Bookmark
Share
Don't have an account? Register Here
of ITAT held that the addition to income based on search operation surrender cannot be sustained. No incriminating material was found during search and seizure action at assessee's premises. The statement under Section 132(4) was retracted with detailed explanations, and seized documents did not reveal any undisclosed transactions. The Assessing Officer cannot make additions solely on an unsupported alleged surrender, especially when no evidence substantiates the claim. Under the new legal framework for search assessments, incriminating material is mandatory for reopening assessments beyond three years. The tribunal ruled in favor of the assessee, effectively rejecting the revenue's proposed income addition.
TaxTMI 
TaxTMI 
