https://www.taxtmi.com/caselaws?id=348198 The Tribunal ruled in favor of the assessee, allowing all four appeals. It held that the proceedings under section 153C were without jurisdiction as no documents belonging to the assessee were found during the search. The Tribunal admitted additional evidence under Rule 29 and found the additions made under section 69C to be invalid due to lack of corroborative evidence. Statements of third parties without cross-examination were disregarded, and disallowances of business expenditures and claims for carry forward of losses were overturned. The Tribunal emphasized the importance of corroborative evidence and the unreliability of the Revenue's evidence, ultimately ruling in favor of the assessee. en-us Tue, 01 Aug 2017 00:00:00 +0530 Mon, 18 Sep 2017 06:06:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348198 The Tribunal ruled in favor of the assessee, allowing all four appeals. It held that the proceedings under section 153C were without jurisdiction as no documents belonging to the assessee were found during the search. The Tribunal admitted additional evidence under Rule 29 and found the additions made under section 69C to be invalid due to lack of corroborative evidence. Statements of third parties without cross-examination were disregarded, and disallowances of business expenditures and claims for carry forward of losses were overturned. The Tribunal emphasized the importance of corroborative evidence and the unreliability of the Revenue's evidence, ultimately ruling in favor of the assessee. Case-Laws Income Tax Tue, 01 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348198