https://www.taxtmi.com/caselaws?id=447755 ITAT Chennai quashed assessment under section 153C for assessment year 2012-13 due to absence of incriminating material seized during search, following Supreme Court precedent in Abhisar Buildwell case. Court upheld additions for: helper allowance disallowance due to lack of evidence; taxable perquisites from electronic items and furniture at residence; unexplained foreign travel expenditure of Rs. 1,50,000 under section 69C. Deleted deemed rental income addition as authorities failed to determine scientific market valuation. Confirmed substantial addition of Rs. 1,24,88,29,788 under section 56(2)(vii)(c) for equity shares allotted below fair market value, ruling company and individual shareholder don't qualify as relatives under statutory definition. en-us Wed, 08 Nov 2023 00:00:00 +0530 Thu, 04 Jan 2024 06:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447755 ITAT Chennai quashed assessment under section 153C for assessment year 2012-13 due to absence of incriminating material seized during search, following Supreme Court precedent in Abhisar Buildwell case. Court upheld additions for: helper allowance disallowance due to lack of evidence; taxable perquisites from electronic items and furniture at residence; unexplained foreign travel expenditure of Rs. 1,50,000 under section 69C. Deleted deemed rental income addition as authorities failed to determine scientific market valuation. Confirmed substantial addition of Rs. 1,24,88,29,788 under section 56(2)(vii)(c) for equity shares allotted below fair market value, ruling company and individual shareholder don't qualify as relatives under statutory definition. Case-Laws Income Tax Wed, 08 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447755