https://www.taxtmi.com/caselaws?id=280034 The Tribunal dismissed the departmental appeal and allowed the assessee's appeal on the issue of share application money, holding that the assessee had proven the identity and genuineness of the transactions. It was held that no additions could be made without incriminating material in non-abated assessments. The notice issued u/s 153C was deemed invalid due to lack of recorded satisfaction by the AO. The disallowance u/s 40(a)(ia) was remanded for reconsideration as per the amended section, and the chargeability of interest u/s 234B was upheld as mandatory. en-us Tue, 01 Dec 2015 00:00:00 +0530 Wed, 17 Apr 2019 20:52:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280034 The Tribunal dismissed the departmental appeal and allowed the assessee's appeal on the issue of share application money, holding that the assessee had proven the identity and genuineness of the transactions. It was held that no additions could be made without incriminating material in non-abated assessments. The notice issued u/s 153C was deemed invalid due to lack of recorded satisfaction by the AO. The disallowance u/s 40(a)(ia) was remanded for reconsideration as per the amended section, and the chargeability of interest u/s 234B was upheld as mandatory. Case-Laws Income Tax Tue, 01 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280034