https://www.taxtmi.com/caselaws?id=409538 The tribunal dismissed the appeal filed by the AO, upholding the CIT(A)'s decision to delete the addition of Rs. 5,00,00,000/- under section 68 of the Income Tax Act. Additionally, the tribunal ruled that the jurisdiction assumed by the AO under section 153A was invalid due to the absence of incriminating material found during the search. The tribunal emphasized that the documents found, such as share certificates and transfer forms, did not pertain to the assessee, leading to the conclusion that the concluded assessment for AY 2009-10 could not be reopened. en-us Fri, 09 Jul 2021 00:00:00 +0530 Sat, 10 Jul 2021 08:39:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409538 The tribunal dismissed the appeal filed by the AO, upholding the CIT(A)'s decision to delete the addition of Rs. 5,00,00,000/- under section 68 of the Income Tax Act. Additionally, the tribunal ruled that the jurisdiction assumed by the AO under section 153A was invalid due to the absence of incriminating material found during the search. The tribunal emphasized that the documents found, such as share certificates and transfer forms, did not pertain to the assessee, leading to the conclusion that the concluded assessment for AY 2009-10 could not be reopened. Case-Laws Income Tax Fri, 09 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409538