https://www.taxtmi.com/caselaws?id=252186 The Tribunal invalidated the proceedings initiated under Section 153C of the Income-tax Act, 1961, as the seized material did not belong to the assessee. The addition of Rs. 31,02,000 as short term capital gains was deemed unsustainable due to lack of conclusive evidence linking the amount to the assessee. Furthermore, the confirmation of Rs. 3 lakhs as unexplained investment was deleted as the assessee provided evidence of receiving the amount from her uncle. The Tribunal ruled in favor of the assessee, declaring the initiation of proceedings and the additions as invalid and unsupported by evidence. en-us Fri, 12 Sep 2014 00:00:00 +0530 Tue, 14 Oct 2014 07:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252186 The Tribunal invalidated the proceedings initiated under Section 153C of the Income-tax Act, 1961, as the seized material did not belong to the assessee. The addition of Rs. 31,02,000 as short term capital gains was deemed unsustainable due to lack of conclusive evidence linking the amount to the assessee. Furthermore, the confirmation of Rs. 3 lakhs as unexplained investment was deleted as the assessee provided evidence of receiving the amount from her uncle. The Tribunal ruled in favor of the assessee, declaring the initiation of proceedings and the additions as invalid and unsupported by evidence. Case-Laws Income Tax Fri, 12 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252186