https://www.taxtmi.com/caselaws?id=422896 The Tribunal held that the assessment order passed under section 153A of the Income Tax Act was invalid as no incriminating material was found during the search to justify the additions made by the Assessing Officer. Emphasizing the necessity of incriminating material for assessments under section 153A, the Tribunal quashed the assessment order and disallowed the additions related to share capital and share premium. The decision underscored the importance of adhering to legal requirements and precedents in assessments, leading to the allowance of the assessee's appeals and the rejection of the assessment order. en-us Mon, 23 May 2022 00:00:00 +0530 Tue, 24 May 2022 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422896 The Tribunal held that the assessment order passed under section 153A of the Income Tax Act was invalid as no incriminating material was found during the search to justify the additions made by the Assessing Officer. Emphasizing the necessity of incriminating material for assessments under section 153A, the Tribunal quashed the assessment order and disallowed the additions related to share capital and share premium. The decision underscored the importance of adhering to legal requirements and precedents in assessments, leading to the allowance of the assessee's appeals and the rejection of the assessment order. Case-Laws Income Tax Mon, 23 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422896