https://www.taxtmi.com/caselaws?id=448017 ITAT Surat upheld CIT(A)'s deletion of additions made under section 153C assessment where no incriminating material was found during search. Court confirmed that completed assessments cannot be interfered with absent incriminating evidence, following Gujarat HC precedent in Saumya Construction case. Additions under section 68 for loans and bogus agricultural income were deleted as they lacked incriminating material basis. However, unsecured loans matter was partially remitted to AO for fresh examination of additional evidence. Court allowed section 54B exemption for agricultural land transfer, finding assessee satisfied prescribed conditions despite CIT(A)'s denial. en-us Wed, 27 Dec 2023 00:00:00 +0530 Tue, 09 Jan 2024 09:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448017 ITAT Surat upheld CIT(A)'s deletion of additions made under section 153C assessment where no incriminating material was found during search. Court confirmed that completed assessments cannot be interfered with absent incriminating evidence, following Gujarat HC precedent in Saumya Construction case. Additions under section 68 for loans and bogus agricultural income were deleted as they lacked incriminating material basis. However, unsecured loans matter was partially remitted to AO for fresh examination of additional evidence. Court allowed section 54B exemption for agricultural land transfer, finding assessee satisfied prescribed conditions despite CIT(A)'s denial. Case-Laws Income Tax Wed, 27 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448017