https://www.taxtmi.com/caselaws?id=423306 The Tribunal allowed the assessee's appeal, directing the AO to delete the addition of Rs. 70 lacs as capital receipts. The Tribunal held that the initiation of proceedings under Section 153A without incriminating material was unjustified, citing relevant case law. The seized document containing bank account details was not deemed incriminating, leading to the conclusion that the additions made were unwarranted. The appeal was allowed solely on the basis of the absence of incriminating material, resulting in the deletion of the disputed amount from the assessment. en-us Mon, 23 May 2022 00:00:00 +0530 Fri, 03 Jun 2022 12:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423306 The Tribunal allowed the assessee's appeal, directing the AO to delete the addition of Rs. 70 lacs as capital receipts. The Tribunal held that the initiation of proceedings under Section 153A without incriminating material was unjustified, citing relevant case law. The seized document containing bank account details was not deemed incriminating, leading to the conclusion that the additions made were unwarranted. The appeal was allowed solely on the basis of the absence of incriminating material, resulting in the deletion of the disputed amount from the assessment. Case-Laws Income Tax Mon, 23 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423306