https://www.taxtmi.com/caselaws?id=343618 The Tribunal upheld the initiation of proceedings under section 153A of the Income Tax Act, 1961, as incriminating material was found during the search, despite the original return being filed after the search. However, the Tribunal deleted the addition of unexplained share application money amounting to Rs. 5.75 crores under section 68, as the assessee sufficiently proved the identity, creditworthiness, and genuineness of the transactions. The appeals were partly allowed, with the deletion of the addition under section 68 but upholding the initiation of proceedings under section 153A. en-us Mon, 17 Apr 2017 00:00:00 +0530 Thu, 25 Jan 2018 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343618 The Tribunal upheld the initiation of proceedings under section 153A of the Income Tax Act, 1961, as incriminating material was found during the search, despite the original return being filed after the search. However, the Tribunal deleted the addition of unexplained share application money amounting to Rs. 5.75 crores under section 68, as the assessee sufficiently proved the identity, creditworthiness, and genuineness of the transactions. The appeals were partly allowed, with the deletion of the addition under section 68 but upholding the initiation of proceedings under section 153A. Case-Laws Income Tax Mon, 17 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343618