https://www.taxtmi.com/caselaws?id=261279 The Tribunal dismissed the Revenue's appeal and partly allowed the assessee's cross-objection. It upheld the CIT(A)'s deletion of the addition under Section 68, citing the absence of incriminating material during the search. The Tribunal emphasized that additions under Section 153A must be based on evidence, and in this case, no new incriminating material was found. Consequently, the reassessment was deemed invalid, and the original assessment under Section 143(3) remained undisturbed. The Tribunal's decision was consistent with the Special Bench ruling in All Cargo and the Bombay High Court's affirmation. en-us Tue, 30 Jun 2015 00:00:00 +0530 Wed, 08 Jul 2015 09:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261279 The Tribunal dismissed the Revenue's appeal and partly allowed the assessee's cross-objection. It upheld the CIT(A)'s deletion of the addition under Section 68, citing the absence of incriminating material during the search. The Tribunal emphasized that additions under Section 153A must be based on evidence, and in this case, no new incriminating material was found. Consequently, the reassessment was deemed invalid, and the original assessment under Section 143(3) remained undisturbed. The Tribunal's decision was consistent with the Special Bench ruling in All Cargo and the Bombay High Court's affirmation. Case-Laws Income Tax Tue, 30 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261279