https://www.taxtmi.com/caselaws?id=292126 The Tribunal invalidated the assumption of jurisdiction under Section 153A of the Income Tax Act due to the absence of incriminating material. It deleted the addition of Rs. 39,00,000 under Section 68 for unexplained cash credits, as the assessments were completed and could not be disturbed. Additionally, the Tribunal ruled against the retrospective application of Section 56(2)(viib) for share premium taxation, resulting in the deletion of the contested additions. Consequently, the appeals were allowed in favor of the assessee. en-us Mon, 17 Sep 2018 00:00:00 +0530 Wed, 13 Nov 2024 12:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292126 The Tribunal invalidated the assumption of jurisdiction under Section 153A of the Income Tax Act due to the absence of incriminating material. It deleted the addition of Rs. 39,00,000 under Section 68 for unexplained cash credits, as the assessments were completed and could not be disturbed. Additionally, the Tribunal ruled against the retrospective application of Section 56(2)(viib) for share premium taxation, resulting in the deletion of the contested additions. Consequently, the appeals were allowed in favor of the assessee. Case-Laws Income Tax Mon, 17 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292126