https://www.taxtmi.com/caselaws?id=403869 The High Court upheld the validity of the notice issued under Section 153C and the subsequent assessment was not time-barred. The tribunal directed the Assessing Officer to delete protective additions made towards unaccounted stock and receivables, balance with a fictitious entity, and certain cash credits. However, additions towards various credits in personal books and capital accounts were upheld due to lack of evidence. Protective additions on depreciation and finance charges related to a car were deleted. The tribunal also directed the deletion of protective additions on cash found during search, except for unexplained cash deposits in a bank account for one assessment year. Overall, the appeals were partly allowed. en-us Tue, 02 Feb 2021 00:00:00 +0530 Wed, 10 Feb 2021 09:32:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403869 The High Court upheld the validity of the notice issued under Section 153C and the subsequent assessment was not time-barred. The tribunal directed the Assessing Officer to delete protective additions made towards unaccounted stock and receivables, balance with a fictitious entity, and certain cash credits. However, additions towards various credits in personal books and capital accounts were upheld due to lack of evidence. Protective additions on depreciation and finance charges related to a car were deleted. The tribunal also directed the deletion of protective additions on cash found during search, except for unexplained cash deposits in a bank account for one assessment year. Overall, the appeals were partly allowed. Case-Laws Income Tax Tue, 02 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403869