https://www.taxtmi.com/caselaws?id=450015 ITAT Delhi ruled in favor of the assessee in a Section 153A assessment case. The tribunal deleted additions for cash deposits in bank accounts and savings bank interest, holding that no incriminating material was found during search operations as required by SC precedent in PCIT vs Abhisar Buildwel. The peak theory addition was restored to AO for fresh examination due to unclear calculations by FAA. Penalties under Section 271(1)(c) and 271AAA were deleted as underlying additions were removed. The tribunal accepted the assessee's explanation for cash deposits given proximity between withdrawals and deposits. en-us Wed, 21 Feb 2024 00:00:00 +0530 Sat, 24 Feb 2024 09:28:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450015 ITAT Delhi ruled in favor of the assessee in a Section 153A assessment case. The tribunal deleted additions for cash deposits in bank accounts and savings bank interest, holding that no incriminating material was found during search operations as required by SC precedent in PCIT vs Abhisar Buildwel. The peak theory addition was restored to AO for fresh examination due to unclear calculations by FAA. Penalties under Section 271(1)(c) and 271AAA were deleted as underlying additions were removed. The tribunal accepted the assessee's explanation for cash deposits given proximity between withdrawals and deposits. Case-Laws Income Tax Wed, 21 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450015