https://www.taxtmi.com/caselaws?id=268630 The ITAT ruled in favor of the Assessee, allowing their appeal and dismissing the Revenue's appeal. The ITAT held that proceedings under section 153C without incriminating material were not valid, leading to the quashing of the assessment. Additionally, the expenses disallowed by the AO were considered allowable as revenue expenditure by the CIT(A) and upheld by the ITAT. The decision emphasized the importance of incriminating material for validity under section 153C and the treatment of administrative and other overhead expenses as revenue expenditure. en-us Mon, 12 Oct 2015 00:00:00 +0530 Fri, 27 Nov 2015 15:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268630 The ITAT ruled in favor of the Assessee, allowing their appeal and dismissing the Revenue's appeal. The ITAT held that proceedings under section 153C without incriminating material were not valid, leading to the quashing of the assessment. Additionally, the expenses disallowed by the AO were considered allowable as revenue expenditure by the CIT(A) and upheld by the ITAT. The decision emphasized the importance of incriminating material for validity under section 153C and the treatment of administrative and other overhead expenses as revenue expenditure. Case-Laws Income Tax Mon, 12 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268630