https://www.taxtmi.com/caselaws?id=212470 The Tribunal held the notice issued under section 153C read with section 153A as invalid, annulling assessments for the years 2000-01, 2003-04, and 2004-05. The Tribunal emphasized the need for recording satisfaction for initiating proceedings under section 153C, following the Supreme Court's ruling in Manish Maheshwari. Additions for inadequacy of drawings were deleted, considering the aggregate family drawings. The Tribunal also deleted additions based on differences between Balance Sheets due to the invalidity of the late-filed returns. Agricultural income claims were not adjudicated due to annulled assessments. Returns filed beyond the specified time were deemed invalid, with additions based on these returns deleted. en-us Wed, 21 Sep 2011 00:00:00 +0530 Sat, 04 Feb 2017 13:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212470 The Tribunal held the notice issued under section 153C read with section 153A as invalid, annulling assessments for the years 2000-01, 2003-04, and 2004-05. The Tribunal emphasized the need for recording satisfaction for initiating proceedings under section 153C, following the Supreme Court's ruling in Manish Maheshwari. Additions for inadequacy of drawings were deleted, considering the aggregate family drawings. The Tribunal also deleted additions based on differences between Balance Sheets due to the invalidity of the late-filed returns. Agricultural income claims were not adjudicated due to annulled assessments. Returns filed beyond the specified time were deemed invalid, with additions based on these returns deleted. Case-Laws Income Tax Wed, 21 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212470