https://www.taxtmi.com/caselaws?id=255448 The Tribunal upheld the CIT(A)'s deletion of Rs. 1,05,00,000 in unexplained share capital addition, along with an additional Rs. 10,00,000, as the initial burden under Section 68 was discharged by the assessee. The Tribunal also upheld the deletion of Rs. 14,01,765 in unexplained cash credits. It ruled in favor of the assessee regarding the validity of assessment under Section 144 read with Section 153A, emphasizing the necessity of incriminating material for additions in a search assessment. The Tribunal dismissed the Revenue's appeal, deleting the entire addition related to share application money. en-us Fri, 19 Dec 2014 00:00:00 +0530 Sat, 17 Jan 2015 09:53:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255448 The Tribunal upheld the CIT(A)'s deletion of Rs. 1,05,00,000 in unexplained share capital addition, along with an additional Rs. 10,00,000, as the initial burden under Section 68 was discharged by the assessee. The Tribunal also upheld the deletion of Rs. 14,01,765 in unexplained cash credits. It ruled in favor of the assessee regarding the validity of assessment under Section 144 read with Section 153A, emphasizing the necessity of incriminating material for additions in a search assessment. The Tribunal dismissed the Revenue's appeal, deleting the entire addition related to share application money. Case-Laws Income Tax Fri, 19 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255448