https://www.taxtmi.com/caselaws?id=361644 The Tribunal held that the Assessing Officer lacked jurisdiction under Section 153A as no incriminating material was found during the search, leading to the invalidity of the assessments. Additionally, the addition under Section 68 for unexplained cash credits was deemed unjustified as the assessee provided substantial evidence. The invocation of Section 56(2)(viib) for share premium was rejected due to procedural irregularities. The Tribunal did not address the interest levy under Sections 234A, 234B, 234C, and 234D, as the main issues were decided in favor of the assessee. Consequently, the appeals were allowed, and the additions were deleted. en-us Thu, 07 Jun 2018 00:00:00 +0530 Mon, 11 Jun 2018 09:04:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361644 The Tribunal held that the Assessing Officer lacked jurisdiction under Section 153A as no incriminating material was found during the search, leading to the invalidity of the assessments. Additionally, the addition under Section 68 for unexplained cash credits was deemed unjustified as the assessee provided substantial evidence. The invocation of Section 56(2)(viib) for share premium was rejected due to procedural irregularities. The Tribunal did not address the interest levy under Sections 234A, 234B, 234C, and 234D, as the main issues were decided in favor of the assessee. Consequently, the appeals were allowed, and the additions were deleted. Case-Laws Income Tax Thu, 07 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361644