https://www.taxtmi.com/caselaws?id=423081 The Tribunal upheld the orders under Section 143 read with Section 153A(b) due to the assessee's non-appearance at hearings, leading to an ex parte decision. It confirmed the invocation of Section 153A/153C based on material information obtained during a search and seizure operation. The Tribunal found substantial evidence of unaccounted transactions, upheld the lifting of the corporate veil regarding share investments, and deemed the provided documents insufficient to substantiate share application money. Additionally, it supported the invocation of Section 40A(3) and initiation of proceedings under Section 2711A, directing further investigation under the Money Laundering Act and Serious Fraud Investigation Office. The Tribunal restored the issue of deletion under Section 68 for fresh adjudication. en-us Wed, 25 May 2022 00:00:00 +0530 Fri, 27 May 2022 11:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423081 The Tribunal upheld the orders under Section 143 read with Section 153A(b) due to the assessee's non-appearance at hearings, leading to an ex parte decision. It confirmed the invocation of Section 153A/153C based on material information obtained during a search and seizure operation. The Tribunal found substantial evidence of unaccounted transactions, upheld the lifting of the corporate veil regarding share investments, and deemed the provided documents insufficient to substantiate share application money. Additionally, it supported the invocation of Section 40A(3) and initiation of proceedings under Section 2711A, directing further investigation under the Money Laundering Act and Serious Fraud Investigation Office. The Tribunal restored the issue of deletion under Section 68 for fresh adjudication. Case-Laws Income Tax Wed, 25 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423081