https://www.taxtmi.com/highlights?id=60531 Validity of Assessment u/s 153C - Addition on account of forfeited amount of customers. - Assuming that there is a substantial time gap between the date of advance received and date of cancellation of the bookings, this fact may raise a strong presumption on cessation of liability, but even this presumption cannot justify the assessment u/s 153C of the Act which has to be based upon incriminating material found at the time of search - AT en-us Tue, 16 Nov 2021 12:45:56 +0530 Tue, 16 Nov 2021 12:46:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=60531 Validity of Assessment u/s 153C - Addition on account of forfeited amount of customers. - Assuming that there is a substantial time gap between the date of advance received and date of cancellation of the bookings, this fact may raise a strong presumption on cessation of liability, but even this presumption cannot justify the assessment u/s 153C of the Act which has to be based upon incriminating material found at the time of search - AT Highlights Income Tax Tue, 16 Nov 2021 12:45:56 +0530 https://www.taxtmi.com/highlights?id=60531