https://www.taxtmi.com/caselaws?id=119369 The Tribunal quashed the assessment under section 158BD read with section 158BC, citing invalid jurisdiction assumption by the AO, as the required satisfaction was recorded after the completion of the assessment of the searched person. The Tribunal found the evidence for the addition, including a red diary and statements, vague and unreliable, affirming the CIT(A)'s deletion of the Rs. 4,98,650 addition. Additional evidence was not admitted, as it was available earlier but not presented. The Revenue's appeals were dismissed, and the assessee's cross-objections were allowed, with the decision applying to similar cases. en-us Fri, 29 Jun 2007 00:00:00 +0530 Wed, 17 Jan 2024 14:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119369 The Tribunal quashed the assessment under section 158BD read with section 158BC, citing invalid jurisdiction assumption by the AO, as the required satisfaction was recorded after the completion of the assessment of the searched person. The Tribunal found the evidence for the addition, including a red diary and statements, vague and unreliable, affirming the CIT(A)'s deletion of the Rs. 4,98,650 addition. Additional evidence was not admitted, as it was available earlier but not presented. The Revenue's appeals were dismissed, and the assessee's cross-objections were allowed, with the decision applying to similar cases. Case-Laws Income Tax Fri, 29 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119369