https://www.taxtmi.com/caselaws?id=390227 The Tribunal set aside the assessment under section 153A of the Income Tax Act for assessment years 2005-06 & 2006-07, directing the Assessing Officer to delete the additions made due to unexplained bank deposits. The Tribunal emphasized the necessity of incriminating material for assessments under section 153A, citing legal precedents and highlighting that the profit and loss account and balance sheet cannot be considered incriminating material. The appeals of the assessee were allowed, as the Tribunal found that no notice was issued under section 143(2) of the Act, indicating that the assessment was complete without the need for the additions. en-us Mon, 23 Dec 2019 00:00:00 +0530 Thu, 26 Dec 2019 07:06:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390227 The Tribunal set aside the assessment under section 153A of the Income Tax Act for assessment years 2005-06 & 2006-07, directing the Assessing Officer to delete the additions made due to unexplained bank deposits. The Tribunal emphasized the necessity of incriminating material for assessments under section 153A, citing legal precedents and highlighting that the profit and loss account and balance sheet cannot be considered incriminating material. The appeals of the assessee were allowed, as the Tribunal found that no notice was issued under section 143(2) of the Act, indicating that the assessment was complete without the need for the additions. Case-Laws Income Tax Mon, 23 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390227