https://www.taxtmi.com/caselaws?id=286530 The Tribunal ruled in favor of the Assessee, holding that the assessment order passed by the Assessing Officer was erroneous and prejudicial to the revenue's interest. The Tribunal emphasized the necessity of incriminating material for making additions post-search under section 153A, concluding that the direction of enquiry and verification by the Principal Commissioner of Income Tax exceeded the powers vested under the relevant sections of the Income Tax Act. The Tribunal allowed both appeals of the Assessee, highlighting the importance of establishing a clear nexus between borrowed funds and their utilization for earning income. en-us Mon, 18 Feb 2019 00:00:00 +0530 Tue, 03 Mar 2020 13:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286530 The Tribunal ruled in favor of the Assessee, holding that the assessment order passed by the Assessing Officer was erroneous and prejudicial to the revenue's interest. The Tribunal emphasized the necessity of incriminating material for making additions post-search under section 153A, concluding that the direction of enquiry and verification by the Principal Commissioner of Income Tax exceeded the powers vested under the relevant sections of the Income Tax Act. The Tribunal allowed both appeals of the Assessee, highlighting the importance of establishing a clear nexus between borrowed funds and their utilization for earning income. Case-Laws Income Tax Mon, 18 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286530