https://www.taxtmi.com/caselaws?id=444150 The appeal was filed against the confirmation of an addition of Rs 50,00,000 to the appellant's income in relation to an unsecured loan. The Tribunal found that the assessment was completed without any incriminating material and lacked a connection with seized material. Relying on established judgments, the Tribunal held that no addition could be made without seized material, ultimately allowing the appeal. Additionally, the confirmation of an addition under section 68 for loans received was also overturned for the same reasons. Consequently, the penalty notice under section 271(1)(c) and interest charged under section 234A/B/C/D were deemed illegal, and the appeal was allowed in full. en-us Fri, 06 Oct 2023 00:00:00 +0530 Mon, 09 Oct 2023 11:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444150 The appeal was filed against the confirmation of an addition of Rs 50,00,000 to the appellant's income in relation to an unsecured loan. The Tribunal found that the assessment was completed without any incriminating material and lacked a connection with seized material. Relying on established judgments, the Tribunal held that no addition could be made without seized material, ultimately allowing the appeal. Additionally, the confirmation of an addition under section 68 for loans received was also overturned for the same reasons. Consequently, the penalty notice under section 271(1)(c) and interest charged under section 234A/B/C/D were deemed illegal, and the appeal was allowed in full. Case-Laws Income Tax Fri, 06 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444150