https://www.taxtmi.com/caselaws?id=418076 The Tribunal emphasized the necessity of a clear connection between incriminating material found during a search operation and any addition/disallowance under section 153C of the Income-tax Act, 1961. In the case of Assessment Year 2008-09, the Tribunal found that the addition of short term capital gain as business income lacked a direct nexus to the material discovered. Similarly, in Assessment Year 2009-10, the disallowance of short term capital loss on forfeiture of convertible share warrants was deemed unjustified as there was no link to the incriminating material. Consequently, the Tribunal quashed both assessment orders and deleted the additions, ruling in favor of the assessee. en-us Thu, 27 Jan 2022 00:00:00 +0530 Tue, 08 Feb 2022 06:54:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418076 The Tribunal emphasized the necessity of a clear connection between incriminating material found during a search operation and any addition/disallowance under section 153C of the Income-tax Act, 1961. In the case of Assessment Year 2008-09, the Tribunal found that the addition of short term capital gain as business income lacked a direct nexus to the material discovered. Similarly, in Assessment Year 2009-10, the disallowance of short term capital loss on forfeiture of convertible share warrants was deemed unjustified as there was no link to the incriminating material. Consequently, the Tribunal quashed both assessment orders and deleted the additions, ruling in favor of the assessee. Case-Laws Income Tax Thu, 27 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418076