https://www.taxtmi.com/caselaws?id=386955 The Tribunal allowed the appeals, deleting additions made under sections 68 and 69C of the Income-tax Act, 1961, as the assessee satisfactorily explained the transactions' genuineness. It held that the AO lacked jurisdiction to make additions without incriminating material found during the search, following the Continental Warehousing Corporation (Nhava Sheva) Ltd. precedent. The Tribunal emphasized the importance of direct evidence and the impermissibility of additions based on suspicion and conjecture. en-us Tue, 01 Oct 2019 00:00:00 +0530 Tue, 19 May 2026 14:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386955 The Tribunal allowed the appeals, deleting additions made under sections 68 and 69C of the Income-tax Act, 1961, as the assessee satisfactorily explained the transactions' genuineness. It held that the AO lacked jurisdiction to make additions without incriminating material found during the search, following the Continental Warehousing Corporation (Nhava Sheva) Ltd. precedent. The Tribunal emphasized the importance of direct evidence and the impermissibility of additions based on suspicion and conjecture. Case-Laws Income Tax Tue, 01 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386955