https://www.taxtmi.com/caselaws?id=362749 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal. The initiation of proceedings under section 153C was deemed improper due to the absence of a valid satisfaction note in the searched person's file. The deletion of the addition of Rs. 48,00,000 under section 68 was justified as the AO did not conduct a proper inquiry into the documents provided by the assessee. The Tribunal also highlighted that the balance sheet discovered during the search was not relevant to the assessment year in question and lacked incriminating evidence. Consequently, the Department's appeal was rejected. en-us Wed, 27 Jun 2018 00:00:00 +0530 Mon, 02 Jul 2018 12:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362749 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal. The initiation of proceedings under section 153C was deemed improper due to the absence of a valid satisfaction note in the searched person's file. The deletion of the addition of Rs. 48,00,000 under section 68 was justified as the AO did not conduct a proper inquiry into the documents provided by the assessee. The Tribunal also highlighted that the balance sheet discovered during the search was not relevant to the assessment year in question and lacked incriminating evidence. Consequently, the Department's appeal was rejected. Case-Laws Income Tax Wed, 27 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362749