https://www.taxtmi.com/caselaws?id=401807 The Tribunal held that the assessment order under sections 153A/143(3) was invalid and quashed as no incriminating material was found during the search, rendering it beyond jurisdiction. Additionally, the addition of unaccounted money as bogus share premium under section 68 was deemed unwarranted as the appellant proved the transactions' genuineness and creditworthiness, leading to the deletion of the impugned additions. The Tribunal, however, did not provide a detailed ruling on the disallowance of the cost of improvement while computing long term capital gain. The appeal was allowed in favor of the assessee, citing the lack of incriminating material and the deletion of additions under section 68. en-us Tue, 15 Dec 2020 00:00:00 +0530 Thu, 17 Dec 2020 09:44:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401807 The Tribunal held that the assessment order under sections 153A/143(3) was invalid and quashed as no incriminating material was found during the search, rendering it beyond jurisdiction. Additionally, the addition of unaccounted money as bogus share premium under section 68 was deemed unwarranted as the appellant proved the transactions' genuineness and creditworthiness, leading to the deletion of the impugned additions. The Tribunal, however, did not provide a detailed ruling on the disallowance of the cost of improvement while computing long term capital gain. The appeal was allowed in favor of the assessee, citing the lack of incriminating material and the deletion of additions under section 68. Case-Laws Income Tax Tue, 15 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401807