https://www.taxtmi.com/caselaws?id=195078 The Tribunal allowed the appeals, setting aside the revenue authorities' orders. It held that the initiation of proceedings under Section 153A was justified based on search operations and discovery of jewelry. The assessment order under Section 153A was deemed valid as due process was followed. The reliance on confessionary statements without cross-examination was criticized, emphasizing the need for corroborating evidence. The addition of income as undisclosed was rejected, as the SEBI report did not directly implicate the appellant, and genuine transactions were supported by documentary evidence. en-us Thu, 14 Jul 2011 00:00:00 +0530 Fri, 07 Apr 2023 13:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195078 The Tribunal allowed the appeals, setting aside the revenue authorities' orders. It held that the initiation of proceedings under Section 153A was justified based on search operations and discovery of jewelry. The assessment order under Section 153A was deemed valid as due process was followed. The reliance on confessionary statements without cross-examination was criticized, emphasizing the need for corroborating evidence. The addition of income as undisclosed was rejected, as the SEBI report did not directly implicate the appellant, and genuine transactions were supported by documentary evidence. Case-Laws Income Tax Thu, 14 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195078