https://www.taxtmi.com/caselaws?id=362551 The ITAT dismissed both the revenue and assessee's appeals, upholding the CIT(A)'s orders. The deletion of the addition under Section 68 was justified due to lack of incriminating evidence. Additional claims under Section 153A were disallowed as they lacked undisclosed income or material found during the search. Penalty under Section 271(1)(c) was deleted as it was a legal claim based on accounting principles. The interest levied under Sections 234A and 234B was upheld due to disallowed additional claims, resulting in increased taxable income and interest liability. en-us Mon, 25 Jun 2018 00:00:00 +0530 Wed, 27 Jun 2018 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362551 The ITAT dismissed both the revenue and assessee's appeals, upholding the CIT(A)'s orders. The deletion of the addition under Section 68 was justified due to lack of incriminating evidence. Additional claims under Section 153A were disallowed as they lacked undisclosed income or material found during the search. Penalty under Section 271(1)(c) was deleted as it was a legal claim based on accounting principles. The interest levied under Sections 234A and 234B was upheld due to disallowed additional claims, resulting in increased taxable income and interest liability. Case-Laws Income Tax Mon, 25 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362551