https://www.taxtmi.com/caselaws?id=379368 The Tribunal ruled in favor of the assessee in most instances, deleting additions made by the Assessing Officer under various sections of the IT Act due to lack of incriminating material found during search or the transactions being already recorded in the books. The Tribunal found that certain additions were covered by excess income offered by the assessee for other assessment years. However, one addition under section 2(22)(e) was upheld as the AO had already given credit for a portion of the amount, treating the remaining balance as a loan or advance. en-us Thu, 25 Apr 2019 00:00:00 +0530 Wed, 01 May 2019 17:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379368 The Tribunal ruled in favor of the assessee in most instances, deleting additions made by the Assessing Officer under various sections of the IT Act due to lack of incriminating material found during search or the transactions being already recorded in the books. The Tribunal found that certain additions were covered by excess income offered by the assessee for other assessment years. However, one addition under section 2(22)(e) was upheld as the AO had already given credit for a portion of the amount, treating the remaining balance as a loan or advance. Case-Laws Income Tax Thu, 25 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379368