https://www.taxtmi.com/caselaws?id=381213 The Tribunal upheld the CIT(A)'s decision to delete the addition made by the AO towards the estimation of on-money received on the sale of flats. The Tribunal found that the AO failed to establish a direct nexus between the seized materials and the assessee's business activities and that the statements relied upon by the AO were not corroborated by any independent evidence. The Tribunal also upheld the CIT(A)'s finding that the proceedings initiated under section 153C were void ab initio in the absence of any incriminating material found during the search. Consequently, all the appeals filed by the revenue were dismissed. en-us Fri, 31 May 2019 00:00:00 +0530 Wed, 05 Jun 2019 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381213 The Tribunal upheld the CIT(A)'s decision to delete the addition made by the AO towards the estimation of on-money received on the sale of flats. The Tribunal found that the AO failed to establish a direct nexus between the seized materials and the assessee's business activities and that the statements relied upon by the AO were not corroborated by any independent evidence. The Tribunal also upheld the CIT(A)'s finding that the proceedings initiated under section 153C were void ab initio in the absence of any incriminating material found during the search. Consequently, all the appeals filed by the revenue were dismissed. Case-Laws Income Tax Fri, 31 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381213