https://www.taxtmi.com/caselaws?id=384801 The Tribunal upheld the deletion of an addition of Rs. 8.00 crores made under Section 68 of the IT Act, 1961, as the advance received was forfeited and not an unexplained receipt. The Tribunal emphasized the importance of incriminating material for additions in non-abated assessments. Additionally, the Tribunal rejected the enhancement of income based on an application to the Settlement Commission, stating that mere disclosure without supporting material cannot be a basis for addition. The appeals of the assessee were allowed, and the Revenue's appeal was dismissed. en-us Mon, 19 Aug 2019 00:00:00 +0530 Fri, 01 Nov 2019 14:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384801 The Tribunal upheld the deletion of an addition of Rs. 8.00 crores made under Section 68 of the IT Act, 1961, as the advance received was forfeited and not an unexplained receipt. The Tribunal emphasized the importance of incriminating material for additions in non-abated assessments. Additionally, the Tribunal rejected the enhancement of income based on an application to the Settlement Commission, stating that mere disclosure without supporting material cannot be a basis for addition. The appeals of the assessee were allowed, and the Revenue's appeal was dismissed. Case-Laws Income Tax Mon, 19 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384801