https://www.taxtmi.com/caselaws?id=312984 The ITAT Chandigarh allowed the assessee's appeal in part. The tribunal held that assessment u/s 153A was valid as the search warrant clearly mentioned the assessee company's name despite procedural discrepancies in the Panchnama. However, the tribunal deleted most additions u/s 68 totaling Rs. 1,34,00,000 (comprising Rs. 10 lacs from Bihari Lal Deshraj, Rs. 40 lacs from M/s Om Prakash Sons, Rs. 17 lacs from Shri Baldev Singh, and Rs. 77 lacs in unexplained credits) finding the AO made additions mechanically without considering documentary evidence on merits. The tribunal also deleted the CIT(A)'s enhancement of Rs. 40 lacs as it exceeded jurisdictional powers u/s 251(1). Only the disallowance of loss of Rs. 5,000 was sustained due to non-production of bills and vouchers. en-us Tue, 31 Oct 2023 00:00:00 +0530 Sat, 16 Mar 2024 19:41:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312984 The ITAT Chandigarh allowed the assessee's appeal in part. The tribunal held that assessment u/s 153A was valid as the search warrant clearly mentioned the assessee company's name despite procedural discrepancies in the Panchnama. However, the tribunal deleted most additions u/s 68 totaling Rs. 1,34,00,000 (comprising Rs. 10 lacs from Bihari Lal Deshraj, Rs. 40 lacs from M/s Om Prakash Sons, Rs. 17 lacs from Shri Baldev Singh, and Rs. 77 lacs in unexplained credits) finding the AO made additions mechanically without considering documentary evidence on merits. The tribunal also deleted the CIT(A)'s enhancement of Rs. 40 lacs as it exceeded jurisdictional powers u/s 251(1). Only the disallowance of loss of Rs. 5,000 was sustained due to non-production of bills and vouchers. Case-Laws Income Tax Tue, 31 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312984