https://www.taxtmi.com/caselaws?id=409605 In section 153A proceedings, completed non-abated assessments cannot be disturbed for earlier years unless search material reveals incriminating evidence relating to those years; on that basis, the additions for the earlier years were quashed. For the later years, where the assessments had abated, additions based only on NBOT pay-in figures were held unsustainable because exchange transactions must be examined on a net basis by considering both pay-in and pay-out figures. As the cumulative result was negative, the revenue's addition was rejected and the relief granted by the first appellate authority was upheld. en-us Tue, 29 Jun 2021 00:00:00 +0530 Tue, 13 Jul 2021 10:35:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409605 In section 153A proceedings, completed non-abated assessments cannot be disturbed for earlier years unless search material reveals incriminating evidence relating to those years; on that basis, the additions for the earlier years were quashed. For the later years, where the assessments had abated, additions based only on NBOT pay-in figures were held unsustainable because exchange transactions must be examined on a net basis by considering both pay-in and pay-out figures. As the cumulative result was negative, the revenue's addition was rejected and the relief granted by the first appellate authority was upheld. Case-Laws Income Tax Tue, 29 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409605