https://www.taxtmi.com/caselaws?id=278559 The ITAT ruled in favor of the assessee, quashing the assessment order framed u/s 153A of the Income-tax Act. The addition of share capital/premium made by the AO was deleted as no incriminating material related to share capital was found during the search operation. The ITAT emphasized assessments under Section 153A must be based on seized material, following legal precedent outlined in Kabul Chawla. Consequently, the cross objection by the assessee was allowed, and the Revenue's appeal was dismissed. en-us Mon, 13 Aug 2018 00:00:00 +0530 Tue, 12 Feb 2019 07:03:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278559 The ITAT ruled in favor of the assessee, quashing the assessment order framed u/s 153A of the Income-tax Act. The addition of share capital/premium made by the AO was deleted as no incriminating material related to share capital was found during the search operation. The ITAT emphasized assessments under Section 153A must be based on seized material, following legal precedent outlined in Kabul Chawla. Consequently, the cross objection by the assessee was allowed, and the Revenue's appeal was dismissed. Case-Laws Income Tax Mon, 13 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278559