https://www.taxtmi.com/caselaws?id=340818 The Tribunal allowed the appeal, ruling in favor of the assessee. It held that the Assessing Officer's disallowance under section 40A(3) of the Income Tax Act was unsustainable as it exceeded the prescribed limit without incriminating material. Additionally, the Tribunal found that the assessment order under section 153A lacked jurisdiction due to the absence of seized material or incriminating evidence. The appeal was allowed, emphasizing the necessity of incriminating material for additions under section 153A, resulting in the deletion of the disputed addition and a favorable outcome for the assessee. en-us Fri, 24 Mar 2017 00:00:00 +0530 Tue, 28 Mar 2017 06:47:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340818 The Tribunal allowed the appeal, ruling in favor of the assessee. It held that the Assessing Officer's disallowance under section 40A(3) of the Income Tax Act was unsustainable as it exceeded the prescribed limit without incriminating material. Additionally, the Tribunal found that the assessment order under section 153A lacked jurisdiction due to the absence of seized material or incriminating evidence. The appeal was allowed, emphasizing the necessity of incriminating material for additions under section 153A, resulting in the deletion of the disputed addition and a favorable outcome for the assessee. Case-Laws Income Tax Fri, 24 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340818