https://www.taxtmi.com/caselaws?id=406424 The Tribunal dismissed the Revenue's appeal, affirming that the proceedings under section 153C were invalid as the seized materials did not belong to the assessee. Additionally, the application of section 50C was deemed inapplicable based on the date of the Banakhat. The Tribunal held that the property transfer occurred on 12-03-2008, and no incriminating material belonging to the assessee was found during the search, leading to the dismissal of the cross objection and emphasizing that assessment could not be reopened without such material. en-us Mon, 12 Apr 2021 00:00:00 +0530 Tue, 08 Jun 2021 14:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406424 The Tribunal dismissed the Revenue's appeal, affirming that the proceedings under section 153C were invalid as the seized materials did not belong to the assessee. Additionally, the application of section 50C was deemed inapplicable based on the date of the Banakhat. The Tribunal held that the property transfer occurred on 12-03-2008, and no incriminating material belonging to the assessee was found during the search, leading to the dismissal of the cross objection and emphasizing that assessment could not be reopened without such material. Case-Laws Income Tax Mon, 12 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406424