https://www.taxtmi.com/caselaws?id=326741 The Tribunal allowed the appeal of the assessee, quashing the reassessment proceedings due to the addition made under Section 50C without any incriminating material found during the search. The Tribunal emphasized that assessments under Section 153A must be based on seized material, following the precedent set by the Hon'ble High Court. Consequently, other grounds on merits became academic, and the reassessment order was deemed unsustainable. en-us Fri, 26 Feb 2016 00:00:00 +0530 Sat, 23 Apr 2016 10:54:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326741 The Tribunal allowed the appeal of the assessee, quashing the reassessment proceedings due to the addition made under Section 50C without any incriminating material found during the search. The Tribunal emphasized that assessments under Section 153A must be based on seized material, following the precedent set by the Hon'ble High Court. Consequently, other grounds on merits became academic, and the reassessment order was deemed unsustainable. Case-Laws Income Tax Fri, 26 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326741