https://www.taxtmi.com/caselaws?id=406426 The Tribunal ruled in favor of the appellant in a tax assessment case under section 153A of the Income Tax Act. The appellant successfully challenged the assessment, arguing that no incriminating material was found during the search related to them, and the seized material did not link them to unaccounted money transactions. The Tribunal found no evidence supporting the addition of interest paid from undisclosed sources and invalidated the penalty imposed under section 271(1)(c) of the IT Act due to procedural flaws. Consequently, both the quantum and penalty appeals of the appellant were allowed. en-us Tue, 13 Apr 2021 00:00:00 +0530 Thu, 08 Jul 2021 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406426 The Tribunal ruled in favor of the appellant in a tax assessment case under section 153A of the Income Tax Act. The appellant successfully challenged the assessment, arguing that no incriminating material was found during the search related to them, and the seized material did not link them to unaccounted money transactions. The Tribunal found no evidence supporting the addition of interest paid from undisclosed sources and invalidated the penalty imposed under section 271(1)(c) of the IT Act due to procedural flaws. Consequently, both the quantum and penalty appeals of the appellant were allowed. Case-Laws Income Tax Tue, 13 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406426