https://www.taxtmi.com/caselaws?id=431516 The Tribunal invalidated the proceedings initiated under Section 153C of the Income Tax Act, as the Assessing Officer failed to establish that the seized documents belonged to the assessee. Additionally, the Tribunal dismissed the additions of Rs. 5 Crores and Rs. 6.5 Crores as unexplained income under Section 68 for the Assessment Years 2013-14 and 2015-16, respectively. The Tribunal emphasized that the assessee provided adequate evidence to prove the legitimacy of the transactions, leading to the dismissal of the Revenue's appeals and the allowance of the assessee's cross-objection. en-us Wed, 09 Nov 2022 00:00:00 +0530 Tue, 13 Dec 2022 15:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431516 The Tribunal invalidated the proceedings initiated under Section 153C of the Income Tax Act, as the Assessing Officer failed to establish that the seized documents belonged to the assessee. Additionally, the Tribunal dismissed the additions of Rs. 5 Crores and Rs. 6.5 Crores as unexplained income under Section 68 for the Assessment Years 2013-14 and 2015-16, respectively. The Tribunal emphasized that the assessee provided adequate evidence to prove the legitimacy of the transactions, leading to the dismissal of the Revenue's appeals and the allowance of the assessee's cross-objection. Case-Laws Income Tax Wed, 09 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431516