https://www.taxtmi.com/caselaws?id=345962 The Tribunal concluded that the assessment framed under Section 153C was invalid due to the lack of recorded satisfaction by the Assessing Officer of the searched person, rendering the notice issued under Section 153C void. Additionally, the Tribunal upheld the deletion of additions made under Section 68 as the assessee had provided sufficient evidence proving the identity, creditworthiness, and genuineness of the share applicants, in line with the Supreme Court's decision in Lovely Exports Pvt. Ltd. The revenue's appeals were dismissed, and the assessee's cross-objections were allowed. en-us Fri, 18 Nov 2016 00:00:00 +0530 Tue, 01 Aug 2017 09:06:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345962 The Tribunal concluded that the assessment framed under Section 153C was invalid due to the lack of recorded satisfaction by the Assessing Officer of the searched person, rendering the notice issued under Section 153C void. Additionally, the Tribunal upheld the deletion of additions made under Section 68 as the assessee had provided sufficient evidence proving the identity, creditworthiness, and genuineness of the share applicants, in line with the Supreme Court's decision in Lovely Exports Pvt. Ltd. The revenue's appeals were dismissed, and the assessee's cross-objections were allowed. Case-Laws Income Tax Fri, 18 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345962