https://www.taxtmi.com/caselaws?id=279953 The Tribunal partly allowed the assessee's appeals and dismissed the Revenue's appeals. The Tribunal held that the assessment order was passed within the prescribed time limit but dispatched later. It ruled in favor of the assessee regarding the invocation of Section 153A due to the absence of incriminating material. The addition on account of share application money was deleted as the transactions were found genuine. The Tribunal upheld the rejection of books of account for one year but not the other. It also rejected enhancements of gross profit, sales turnover, income from commodity trading, salary expenses, and loss on sale of surplus stock due to lack of concrete evidence. en-us Thu, 08 Dec 2016 00:00:00 +0530 Sat, 13 Apr 2019 05:44:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279953 The Tribunal partly allowed the assessee's appeals and dismissed the Revenue's appeals. The Tribunal held that the assessment order was passed within the prescribed time limit but dispatched later. It ruled in favor of the assessee regarding the invocation of Section 153A due to the absence of incriminating material. The addition on account of share application money was deleted as the transactions were found genuine. The Tribunal upheld the rejection of books of account for one year but not the other. It also rejected enhancements of gross profit, sales turnover, income from commodity trading, salary expenses, and loss on sale of surplus stock due to lack of concrete evidence. Case-Laws Income Tax Thu, 08 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279953