https://www.taxtmi.com/caselaws?id=419093 The Tribunal quashed the assessment order as it was based on no incriminating material found during the search, ruling it was bad in law. The addition made under section 68 regarding share application money was deleted by the CIT(A) and upheld by the Tribunal due to lack of incriminating material. The disallowance of loss by the Assessing Officer was not addressed as the assessment order was already quashed. The Tribunal allowed the assessee's cross-objection, quashed the assessment order, and dismissed the Revenue's appeal. en-us Mon, 21 Feb 2022 00:00:00 +0530 Thu, 03 Mar 2022 06:49:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419093 The Tribunal quashed the assessment order as it was based on no incriminating material found during the search, ruling it was bad in law. The addition made under section 68 regarding share application money was deleted by the CIT(A) and upheld by the Tribunal due to lack of incriminating material. The disallowance of loss by the Assessing Officer was not addressed as the assessment order was already quashed. The Tribunal allowed the assessee's cross-objection, quashed the assessment order, and dismissed the Revenue's appeal. Case-Laws Income Tax Mon, 21 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419093