https://www.taxtmi.com/caselaws?id=294367 The Tribunal held that the Assessing Officer had no jurisdiction to frame the assessment under Section 153A as no incriminating material was found during the search operation. Consequently, the additions made were deleted, and the assessee's appeal was allowed. The Tribunal also directed the deletion of various disallowances including valuation of closing stock, excessive interest payments, contribution to LIC Gratuity Fund, pooja expenses, and lease commitment charges and donations. The Revenue's appeals were dismissed, emphasizing the importance of proper valuation methods and supporting evidence for deductions and disallowances. en-us Wed, 01 Jun 2016 00:00:00 +0530 Thu, 08 Apr 2021 21:01:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294367 The Tribunal held that the Assessing Officer had no jurisdiction to frame the assessment under Section 153A as no incriminating material was found during the search operation. Consequently, the additions made were deleted, and the assessee's appeal was allowed. The Tribunal also directed the deletion of various disallowances including valuation of closing stock, excessive interest payments, contribution to LIC Gratuity Fund, pooja expenses, and lease commitment charges and donations. The Revenue's appeals were dismissed, emphasizing the importance of proper valuation methods and supporting evidence for deductions and disallowances. Case-Laws Income Tax Wed, 01 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294367