https://www.taxtmi.com/caselaws?id=306491 The ITAT ruled in favor of the assessee, setting aside the additions made by the AO, which were based on the Managing Director's statement regarding LTCG from penny stock companies. The ITAT determined that no incriminating material was found during the search, and statements alone were insufficient for additions without corroborative evidence. The ITAT also concluded that under Sections 153A and 153C of the Income Tax Act, additions cannot be made without incriminating material. The appeal challenging the ITAT's decision was dismissed, affirming the necessity for assessments to be based on seized material. en-us Thu, 28 Jul 2022 00:00:00 +0530 Wed, 25 Oct 2023 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306491 The ITAT ruled in favor of the assessee, setting aside the additions made by the AO, which were based on the Managing Director's statement regarding LTCG from penny stock companies. The ITAT determined that no incriminating material was found during the search, and statements alone were insufficient for additions without corroborative evidence. The ITAT also concluded that under Sections 153A and 153C of the Income Tax Act, additions cannot be made without incriminating material. The appeal challenging the ITAT's decision was dismissed, affirming the necessity for assessments to be based on seized material. Case-Laws Income Tax Thu, 28 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306491