https://www.taxtmi.com/caselaws?id=306525 The Tribunal allowed the appeals, deleting the additions under Section 68 of the Income Tax Act as the assessees proved the legitimacy of the amounts received as advances against the sale of shares. The Tribunal held that the assessments under Section 153A were invalid due to the absence of incriminating material found during the search, following precedents that additions in un-abated assessments require such material. The onus of proving identity, genuineness, and creditworthiness of creditors was met by the assessees, leading to the dismissal of the additions. en-us Thu, 19 Apr 2018 00:00:00 +0530 Tue, 07 Feb 2023 10:09:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306525 The Tribunal allowed the appeals, deleting the additions under Section 68 of the Income Tax Act as the assessees proved the legitimacy of the amounts received as advances against the sale of shares. The Tribunal held that the assessments under Section 153A were invalid due to the absence of incriminating material found during the search, following precedents that additions in un-abated assessments require such material. The onus of proving identity, genuineness, and creditworthiness of creditors was met by the assessees, leading to the dismissal of the additions. Case-Laws Income Tax Thu, 19 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306525