https://www.taxtmi.com/caselaws?id=401457 The Tribunal invalidated the Assessing Officer's assumption of jurisdiction under Section 153A of the Income Tax Act due to the absence of incriminating material found during the search. The additions made under Section 68 were deemed unjustified as the assessee provided substantial evidence to explain the cash credits. The challenge against the approval under Section 153D was not addressed following the invalidation of jurisdiction under Section 153A. Ultimately, the Tribunal upheld the deletion of additions by the CIT(A) based on the assessee's satisfactory explanations, leading to the dismissal of the Revenue's appeals. en-us Fri, 27 Nov 2020 00:00:00 +0530 Sat, 05 Dec 2020 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401457 The Tribunal invalidated the Assessing Officer's assumption of jurisdiction under Section 153A of the Income Tax Act due to the absence of incriminating material found during the search. The additions made under Section 68 were deemed unjustified as the assessee provided substantial evidence to explain the cash credits. The challenge against the approval under Section 153D was not addressed following the invalidation of jurisdiction under Section 153A. Ultimately, the Tribunal upheld the deletion of additions by the CIT(A) based on the assessee's satisfactory explanations, leading to the dismissal of the Revenue's appeals. Case-Laws Income Tax Fri, 27 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401457