https://www.taxtmi.com/caselaws?id=353655 The Tribunal deemed the initiation of proceedings under Section 153C of the I.T. Act invalid as no incriminating material belonging to the assessee-company was found during the search, thus quashing the proceedings. Additionally, the deletion of the addition of Rs. 1.25 crores under Section 68 of the I.T. Act was upheld as the assessee proved the identity and creditworthiness of share applicants, leading to the dismissal of the Departmental appeal. en-us Mon, 01 Jan 2018 00:00:00 +0530 Tue, 09 Jan 2018 08:20:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353655 The Tribunal deemed the initiation of proceedings under Section 153C of the I.T. Act invalid as no incriminating material belonging to the assessee-company was found during the search, thus quashing the proceedings. Additionally, the deletion of the addition of Rs. 1.25 crores under Section 68 of the I.T. Act was upheld as the assessee proved the identity and creditworthiness of share applicants, leading to the dismissal of the Departmental appeal. Case-Laws Income Tax Mon, 01 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353655