https://www.taxtmi.com/caselaws?id=438952 The High Court dismissed the appeal in a case involving the deletion of additions made under sections 68 and 69C of the Income Tax Act, 1961, on the basis of alleged bogus long term capital gain. The Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal had both ruled in favor of the assessee, citing the absence of incriminating material found during the search. The Supreme Court's decision in Abhisar Buildwell P. Ltd. clarified that additions in completed assessments cannot be made without incriminating material, aligning with previous High Court judgments and establishing the limited jurisdiction of the Assessing Officer in such cases. en-us Thu, 04 May 2023 00:00:00 +0530 Mon, 12 Jun 2023 09:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438952 The High Court dismissed the appeal in a case involving the deletion of additions made under sections 68 and 69C of the Income Tax Act, 1961, on the basis of alleged bogus long term capital gain. The Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal had both ruled in favor of the assessee, citing the absence of incriminating material found during the search. The Supreme Court's decision in Abhisar Buildwell P. Ltd. clarified that additions in completed assessments cannot be made without incriminating material, aligning with previous High Court judgments and establishing the limited jurisdiction of the Assessing Officer in such cases. Case-Laws Income Tax Thu, 04 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438952