https://www.taxtmi.com/caselaws?id=416412 The Tribunal held that the additions made by the Assessing Officer under Section 153A of the Income Tax Act were beyond the scope as they were not based on incriminating material found during the search. It was found that the seized documents were not incriminating. Additionally, the Tribunal determined that the additions made under Section 68 for share capital and share premium were not justified as the assessee provided comprehensive evidence, the subscriber companies had sufficient net worth, and the AO failed to conduct proper inquiries. Consequently, the Tribunal quashed the assessments under Section 153A and dismissed the Revenue's appeals on merits. en-us Thu, 23 Dec 2021 00:00:00 +0530 Tue, 28 Dec 2021 08:52:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416412 The Tribunal held that the additions made by the Assessing Officer under Section 153A of the Income Tax Act were beyond the scope as they were not based on incriminating material found during the search. It was found that the seized documents were not incriminating. Additionally, the Tribunal determined that the additions made under Section 68 for share capital and share premium were not justified as the assessee provided comprehensive evidence, the subscriber companies had sufficient net worth, and the AO failed to conduct proper inquiries. Consequently, the Tribunal quashed the assessments under Section 153A and dismissed the Revenue's appeals on merits. Case-Laws Income Tax Thu, 23 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416412