https://www.taxtmi.com/caselaws?id=425497 The Tribunal ruled in favor of the assessee, finding the assessment order invalid due to exceeding the permissible time limit. The addition of Rs. 9,18,54,176 on a protective basis was deleted as no incriminating material was found, following precedents that additions require such material. The penalty under Section 271(1)(c) was canceled due to an ambiguous notice and the deletion of quantum additions. Consequently, all appeals of the assessee were allowed, and the assessment orders were set aside with additions deleted and penalties canceled. en-us Fri, 22 Jul 2022 00:00:00 +0530 Sat, 23 Jul 2022 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425497 The Tribunal ruled in favor of the assessee, finding the assessment order invalid due to exceeding the permissible time limit. The addition of Rs. 9,18,54,176 on a protective basis was deleted as no incriminating material was found, following precedents that additions require such material. The penalty under Section 271(1)(c) was canceled due to an ambiguous notice and the deletion of quantum additions. Consequently, all appeals of the assessee were allowed, and the assessment orders were set aside with additions deleted and penalties canceled. Case-Laws Income Tax Fri, 22 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425497