https://www.taxtmi.com/caselaws?id=332550 The tribunal found the proceedings initiated under Section 153C of the Income Tax Act invalid due to the absence of satisfaction recorded by the Assessing Officer, leading to the quashing of the assessment. As no incriminating material was found during the search, the additions made were deemed unjustified. The tribunal did not address the challenge towards undisclosed profit or penalty proceedings under Section 271(1)(c) due to the invalidity of the Section 153C proceedings. The assessee's appeal was allowed, and the assessment under Section 153C was overturned on 10th August 2016. en-us Wed, 10 Aug 2016 00:00:00 +0530 Tue, 20 Sep 2016 09:24:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332550 The tribunal found the proceedings initiated under Section 153C of the Income Tax Act invalid due to the absence of satisfaction recorded by the Assessing Officer, leading to the quashing of the assessment. As no incriminating material was found during the search, the additions made were deemed unjustified. The tribunal did not address the challenge towards undisclosed profit or penalty proceedings under Section 271(1)(c) due to the invalidity of the Section 153C proceedings. The assessee's appeal was allowed, and the assessment under Section 153C was overturned on 10th August 2016. Case-Laws Income Tax Wed, 10 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332550