https://www.taxtmi.com/caselaws?id=358290 The High Court upheld the ITAT's decision to delete the sum as sale consideration and capital gains, finding that no incriminating material justified the additions. It clarified that Section 153A does not allow de novo assessments without such material. Assessments can only abate if pending during search initiation, excluding completed assessments. The Court emphasized the necessity of incriminating material for Section 153A assessments, referencing precedent. It concluded that previous assessments had addressed transaction genuineness, granting relief against Revenue appeals. The Court ruled in favor of the assessee, affirming the ITAT's decision based on legal interpretations and factual considerations. en-us Mon, 12 Mar 2018 00:00:00 +0530 Mon, 09 Apr 2018 07:46:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358290 The High Court upheld the ITAT's decision to delete the sum as sale consideration and capital gains, finding that no incriminating material justified the additions. It clarified that Section 153A does not allow de novo assessments without such material. Assessments can only abate if pending during search initiation, excluding completed assessments. The Court emphasized the necessity of incriminating material for Section 153A assessments, referencing precedent. It concluded that previous assessments had addressed transaction genuineness, granting relief against Revenue appeals. The Court ruled in favor of the assessee, affirming the ITAT's decision based on legal interpretations and factual considerations. Case-Laws Income Tax Mon, 12 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358290