https://www.taxtmi.com/caselaws?id=267031 The Tribunal allowed both appeals by the assessee for the assessment year 2004-05, setting aside the addition of unexplained cash credits under section 68 of the Income Tax Act. The Tribunal held that without incriminating material found during the search, no additions could be made under section 153A. As the assessee provided documentation to establish the genuineness of the gifts, the Tribunal concluded that the addition was beyond the scope of assessment under section 153A. The penalty imposed under section 271(1)(c) was also ruled in favor of the assessee and deleted. en-us Wed, 30 Sep 2015 00:00:00 +0530 Thu, 29 Oct 2015 06:07:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267031 The Tribunal allowed both appeals by the assessee for the assessment year 2004-05, setting aside the addition of unexplained cash credits under section 68 of the Income Tax Act. The Tribunal held that without incriminating material found during the search, no additions could be made under section 153A. As the assessee provided documentation to establish the genuineness of the gifts, the Tribunal concluded that the addition was beyond the scope of assessment under section 153A. The penalty imposed under section 271(1)(c) was also ruled in favor of the assessee and deleted. Case-Laws Income Tax Wed, 30 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267031