https://www.taxtmi.com/caselaws?id=283980 In ITAT Cochin, the majority view held that proceedings under section 153C were not validly initiated against the assessee for the relevant assessment years, so the reassessment machinery could not be sustained. The Tribunal also accepted the assessee's challenge to the addition based on alleged income from unrecorded liquor sales, finding that the material did not justify sustaining the adjustment. On both issues, the assessee succeeded and the Revenue's appeals failed, while the cross objections were allowed. en-us Thu, 07 May 2015 00:00:00 +0530 Wed, 23 Oct 2019 07:54:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283980 In ITAT Cochin, the majority view held that proceedings under section 153C were not validly initiated against the assessee for the relevant assessment years, so the reassessment machinery could not be sustained. The Tribunal also accepted the assessee's challenge to the addition based on alleged income from unrecorded liquor sales, finding that the material did not justify sustaining the adjustment. On both issues, the assessee succeeded and the Revenue's appeals failed, while the cross objections were allowed. Case-Laws Income Tax Thu, 07 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283980