https://www.taxtmi.com/caselaws?id=339494 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee in a case involving the addition of Rs. 23,78,000 under section 68 of the Income Tax Act without incriminating material. The tribunal directed the AO to delete the addition as it was made without reference to any seized material, deeming it incorrect and void ab-initio. Additionally, the penalty imposed under section 271(1)(c) for the same addition was also deemed not to survive following the deletion of the quantum addition, resulting in both appeals of the assessee being allowed. en-us Fri, 24 Feb 2017 00:00:00 +0530 Tue, 28 Feb 2017 11:43:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339494 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee in a case involving the addition of Rs. 23,78,000 under section 68 of the Income Tax Act without incriminating material. The tribunal directed the AO to delete the addition as it was made without reference to any seized material, deeming it incorrect and void ab-initio. Additionally, the penalty imposed under section 271(1)(c) for the same addition was also deemed not to survive following the deletion of the quantum addition, resulting in both appeals of the assessee being allowed. Case-Laws Income Tax Fri, 24 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339494