https://www.taxtmi.com/caselaws?id=284846 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeals for all assessment years. It was held that the proceedings under Section 153C were void ab initio due to incorrect assumption of jurisdiction. The agreement to sell did not constitute incriminating material as it was reflected in the books of account. The additions under Section 68 for unexplained cash credits were not justified as they were not based on any incriminating material found during the search. The satisfaction note recorded by the AO was found inadequate, leading to the dismissal of the Revenue's appeals. en-us Fri, 05 Jan 2018 00:00:00 +0530 Fri, 13 Dec 2019 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284846 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeals for all assessment years. It was held that the proceedings under Section 153C were void ab initio due to incorrect assumption of jurisdiction. The agreement to sell did not constitute incriminating material as it was reflected in the books of account. The additions under Section 68 for unexplained cash credits were not justified as they were not based on any incriminating material found during the search. The satisfaction note recorded by the AO was found inadequate, leading to the dismissal of the Revenue's appeals. Case-Laws Income Tax Fri, 05 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284846