https://www.taxtmi.com/caselaws?id=313082 ITAT Raipur allowed assessee's appeals for AYs 2006-07 to 2009-10. Court held that additions under section 68 (share capital) and low yield allegations in search assessments under section 153A were impermissible without incriminating material. Revenue failed to establish connection between seized documents and undisclosed income for concluded assessments. CIT(A)'s deletion of additions was upheld as assessee satisfactorily discharged burden of proof regarding creditworthiness of subscribers and genuineness of transactions. Additions based on suspicion without concrete evidence were struck down. en-us Thu, 21 Oct 2021 00:00:00 +0530 Fri, 22 Mar 2024 19:14:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313082 ITAT Raipur allowed assessee's appeals for AYs 2006-07 to 2009-10. Court held that additions under section 68 (share capital) and low yield allegations in search assessments under section 153A were impermissible without incriminating material. Revenue failed to establish connection between seized documents and undisclosed income for concluded assessments. CIT(A)'s deletion of additions was upheld as assessee satisfactorily discharged burden of proof regarding creditworthiness of subscribers and genuineness of transactions. Additions based on suspicion without concrete evidence were struck down. Case-Laws Income Tax Thu, 21 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313082