https://www.taxtmi.com/caselaws?id=356270 For completed assessments not pending on the search date, additions under section 153A can survive only if supported by incriminating material found during the search; because no such material was shown, the additions for the non-abated years were deleted. Depreciation on assets transferred under an approved amalgamation scheme remained allowable as part of the assessee's block of assets, since the block concept preserves depreciation on vested assets even if the old unit was closed. The assessee was also entitled to carry forward and set off the amalgamating company's losses and unabsorbed depreciation under the sanctioned BIFR scheme and section 72A, with the special scheme prevailing over inconsistent general limitations. en-us Wed, 24 Jan 2018 00:00:00 +0530 Wed, 28 Feb 2018 06:30:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356270 For completed assessments not pending on the search date, additions under section 153A can survive only if supported by incriminating material found during the search; because no such material was shown, the additions for the non-abated years were deleted. Depreciation on assets transferred under an approved amalgamation scheme remained allowable as part of the assessee's block of assets, since the block concept preserves depreciation on vested assets even if the old unit was closed. The assessee was also entitled to carry forward and set off the amalgamating company's losses and unabsorbed depreciation under the sanctioned BIFR scheme and section 72A, with the special scheme prevailing over inconsistent general limitations. Case-Laws Income Tax Wed, 24 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356270