https://www.taxtmi.com/caselaws?id=312453 The ITAT Chandigarh held that additions under section 68 for bogus LTCG from penny stocks in a section 153A assessment cannot be sustained without incriminating material found during search. In completed assessments, the AO can only reassess if incriminating material is discovered during the search operation. The statement of a third party obtained during reassessment proceedings cannot be treated as incriminating material found during search. Since no incriminating material was found during the search in this case, the addition was deleted and the assessee's appeal was allowed. en-us Tue, 23 Jan 2024 00:00:00 +0530 Fri, 03 Jul 2026 16:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312453 The ITAT Chandigarh held that additions under section 68 for bogus LTCG from penny stocks in a section 153A assessment cannot be sustained without incriminating material found during search. In completed assessments, the AO can only reassess if incriminating material is discovered during the search operation. The statement of a third party obtained during reassessment proceedings cannot be treated as incriminating material found during search. Since no incriminating material was found during the search in this case, the addition was deleted and the assessee's appeal was allowed. Case-Laws Income Tax Tue, 23 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312453