https://www.taxtmi.com/caselaws?id=394318 The ITAT allowed the assessee's appeal, ruling that the disallowance of exemption under section 54B of the Income Tax Act was not supported by any incriminating material found during the search proceedings. The ITAT emphasized the necessity of incriminating material for making additions post-search and decided in favor of the assessee, thereby allowing the appeal and overturning the disallowance of Rs. 7,00,000. en-us Tue, 03 Mar 2020 00:00:00 +0530 Wed, 08 Apr 2020 18:01:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394318 The ITAT allowed the assessee's appeal, ruling that the disallowance of exemption under section 54B of the Income Tax Act was not supported by any incriminating material found during the search proceedings. The ITAT emphasized the necessity of incriminating material for making additions post-search and decided in favor of the assessee, thereby allowing the appeal and overturning the disallowance of Rs. 7,00,000. Case-Laws Income Tax Tue, 03 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394318