https://www.taxtmi.com/caselaws?id=353271 The Tribunal held that the notice issued under section 153C of the Income Tax Act was invalid as no seized material belonging to the assessee was found during the search. Consequently, the assessment framed based on this invalid initiation was quashed. The addition of Rs. 4.5 crores made by the Assessing Officer on account of undisclosed capital gain on the sale of shares was deleted by the CIT(A) and upheld by the Tribunal, citing lack of seized material belonging to the assessee. The Revenue's appeal was dismissed, and the Tribunal's decision was based on established precedent and lack of evidence linking the assessee to the undisclosed income. en-us Thu, 09 Nov 2017 00:00:00 +0530 Mon, 01 Jan 2018 06:00:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353271 The Tribunal held that the notice issued under section 153C of the Income Tax Act was invalid as no seized material belonging to the assessee was found during the search. Consequently, the assessment framed based on this invalid initiation was quashed. The addition of Rs. 4.5 crores made by the Assessing Officer on account of undisclosed capital gain on the sale of shares was deleted by the CIT(A) and upheld by the Tribunal, citing lack of seized material belonging to the assessee. The Revenue's appeal was dismissed, and the Tribunal's decision was based on established precedent and lack of evidence linking the assessee to the undisclosed income. Case-Laws Income Tax Thu, 09 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353271