https://www.taxtmi.com/caselaws?id=444972 The ITAT Chennai quashed an assessment under section 153A where the AO alleged unaccounted cash payments for asset acquisition based on a loose sheet found during search at the assessee's supplier's premises. The tribunal held that the loose sheet regarding over-pricing of bottles could not be considered evidence of "assets" as defined in section 153A's Explanation 2, which specifically covers land, buildings, shares, securities, loans, advances, and bank deposits. The AO failed to provide corroborating evidence of unaccounted cash payments or unexplained assets/investments. Following the Viraj Profiles Limited precedent, the tribunal upheld the CIT(A)'s decision that the section 153A notice lacked jurisdiction, ruling in favor of the assessee. en-us Fri, 20 Oct 2023 00:00:00 +0530 Thu, 26 Oct 2023 17:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444972 The ITAT Chennai quashed an assessment under section 153A where the AO alleged unaccounted cash payments for asset acquisition based on a loose sheet found during search at the assessee's supplier's premises. The tribunal held that the loose sheet regarding over-pricing of bottles could not be considered evidence of "assets" as defined in section 153A's Explanation 2, which specifically covers land, buildings, shares, securities, loans, advances, and bank deposits. The AO failed to provide corroborating evidence of unaccounted cash payments or unexplained assets/investments. Following the Viraj Profiles Limited precedent, the tribunal upheld the CIT(A)'s decision that the section 153A notice lacked jurisdiction, ruling in favor of the assessee. Case-Laws Income Tax Fri, 20 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444972