https://www.taxtmi.com/caselaws?id=311242 The ITAT Visakhapatnam quashed assessment orders passed under section 153C where the AO disallowed agricultural income declared by the assessee, treating it as unexplained credit. The tribunal held that since the assessment was not based on any incriminating material found during search operations, the proceedings were invalid. Following the precedent in M/s. Avinash Estates Resorts Ltd, the tribunal ruled in favor of the assessee and quashed the assessment orders for all relevant assessment years. en-us Mon, 21 Jul 2014 00:00:00 +0530 Thu, 14 Dec 2023 20:04:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311242 The ITAT Visakhapatnam quashed assessment orders passed under section 153C where the AO disallowed agricultural income declared by the assessee, treating it as unexplained credit. The tribunal held that since the assessment was not based on any incriminating material found during search operations, the proceedings were invalid. Following the precedent in M/s. Avinash Estates Resorts Ltd, the tribunal ruled in favor of the assessee and quashed the assessment orders for all relevant assessment years. Case-Laws Income Tax Mon, 21 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311242