https://www.taxtmi.com/caselaws?id=388995 The Tribunal ruled in favor of the Assessee, holding that the notice issued and assessment order passed under Section 153A/143(3) lacked jurisdiction as no incriminating material was found during the search. The additions made by the Assessing Officer without such material were deemed invalid, following the precedent set by the Delhi High Court. The Tribunal also found that the deposit of Rs. 5,31,000 should be treated as a gift, not income, as argued by the Assessee. Consequently, the additions made by the AO were deleted, and the appeal was allowed. en-us Tue, 26 Nov 2019 00:00:00 +0530 Thu, 28 Nov 2019 13:48:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388995 The Tribunal ruled in favor of the Assessee, holding that the notice issued and assessment order passed under Section 153A/143(3) lacked jurisdiction as no incriminating material was found during the search. The additions made by the Assessing Officer without such material were deemed invalid, following the precedent set by the Delhi High Court. The Tribunal also found that the deposit of Rs. 5,31,000 should be treated as a gift, not income, as argued by the Assessee. Consequently, the additions made by the AO were deleted, and the appeal was allowed. Case-Laws Income Tax Tue, 26 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388995