https://www.taxtmi.com/caselaws?id=311206 The ITAT Visakhapatnam held that proceedings under section 153C were invalid where the assessment was based solely on disclosed material in books of accounts and income tax returns filed prior to search, without reference to any incriminating material found during search operations. The AO had disallowed agricultural income as unexplained credit, with CIT(A) sustaining 50% of the addition. The tribunal quashed the assessment orders, ruling that in absence of incriminating material and with no pending assessment proceedings when notice was issued, the AO could not assess already disclosed income. The decision favored the assessee. en-us Mon, 21 Jul 2014 00:00:00 +0530 Thu, 14 Dec 2023 08:28:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311206 The ITAT Visakhapatnam held that proceedings under section 153C were invalid where the assessment was based solely on disclosed material in books of accounts and income tax returns filed prior to search, without reference to any incriminating material found during search operations. The AO had disallowed agricultural income as unexplained credit, with CIT(A) sustaining 50% of the addition. The tribunal quashed the assessment orders, ruling that in absence of incriminating material and with no pending assessment proceedings when notice was issued, the AO could not assess already disclosed income. The decision favored the assessee. Case-Laws Income Tax Mon, 21 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311206