https://www.taxtmi.com/caselaws?id=335603 The Allahabad High Court dismissed the department's appeal challenging the deletion of undisclosed income by the Commissioner of Income Tax (Appeals) in a case involving a search and seizure operation. The Court emphasized that additions must be based on evidence found during the search, and material not discovered during the search cannot be used to determine undisclosed income. As the share transaction was disclosed in the regular tax return before the search and lacked concrete evidence of being bogus, the Court ruled in favor of the assessee, highlighting the lack of legal merit in the department's position. en-us Thu, 01 Dec 2016 00:00:00 +0530 Mon, 05 Dec 2016 14:53:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335603 The Allahabad High Court dismissed the department's appeal challenging the deletion of undisclosed income by the Commissioner of Income Tax (Appeals) in a case involving a search and seizure operation. The Court emphasized that additions must be based on evidence found during the search, and material not discovered during the search cannot be used to determine undisclosed income. As the share transaction was disclosed in the regular tax return before the search and lacked concrete evidence of being bogus, the Court ruled in favor of the assessee, highlighting the lack of legal merit in the department's position. Case-Laws Income Tax Thu, 01 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335603