https://www.taxtmi.com/caselaws?id=373179 The Tribunal held that the reassessment under section 153A was invalid due to the lack of incriminating material found during the search. Additions made under section 68 for unexplained unsecured loans and partners' capital were deleted as the AO failed to provide an opportunity for cross-examination. Denial of benefit of telescoping was deemed unnecessary after primary additions were deleted. Late delivery charges were allowed as deductible expenses, not penal in nature. Rejection of books of accounts and lump sum trading addition were overturned as the AO lacked justification for such actions. The appeals of the assessee were allowed, while those of the revenue were dismissed. en-us Mon, 31 Dec 2018 00:00:00 +0530 Tue, 08 Jan 2019 07:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373179 The Tribunal held that the reassessment under section 153A was invalid due to the lack of incriminating material found during the search. Additions made under section 68 for unexplained unsecured loans and partners' capital were deleted as the AO failed to provide an opportunity for cross-examination. Denial of benefit of telescoping was deemed unnecessary after primary additions were deleted. Late delivery charges were allowed as deductible expenses, not penal in nature. Rejection of books of accounts and lump sum trading addition were overturned as the AO lacked justification for such actions. The appeals of the assessee were allowed, while those of the revenue were dismissed. Case-Laws Income Tax Mon, 31 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373179