https://www.taxtmi.com/caselaws?id=256243 The court found that the proceedings initiated under section 153C lacked a legal basis as there was no incriminating material linking the firms to the search cases. The additions made on an estimated basis without concrete evidence were deemed unfounded and lacking jurisdiction, leading to their nullification. The rejection of the firms' books of accounts without a reasonable basis for the additions was also overturned. The judgment emphasized the necessity of incriminating material in search-based assessments and the requirement for factual bases for additions, ultimately ruling in favor of the firms and dismissing the Revenue's appeals. en-us Mon, 29 Dec 2014 00:00:00 +0530 Sat, 07 Feb 2015 11:02:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256243 The court found that the proceedings initiated under section 153C lacked a legal basis as there was no incriminating material linking the firms to the search cases. The additions made on an estimated basis without concrete evidence were deemed unfounded and lacking jurisdiction, leading to their nullification. The rejection of the firms' books of accounts without a reasonable basis for the additions was also overturned. The judgment emphasized the necessity of incriminating material in search-based assessments and the requirement for factual bases for additions, ultimately ruling in favor of the firms and dismissing the Revenue's appeals. Case-Laws Income Tax Mon, 29 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256243