https://www.taxtmi.com/caselaws?id=313287 The HC upheld the Appellate Tribunal's decision, affirming the deletion of additions related to fictitious losses and disallowance under Section 14A during the Section 153A assessment. The Court confirmed that disallowance under Section 14A cannot exceed the exempt income and should be excluded from Book Profit computation under Section 115JB. Additionally, the HC found no error in the Tribunal's decision regarding the deletion of additions related to losses from a specific entity, determining that the transactions did not constitute accommodation entries. The judgment emphasized the necessity for incriminating material during searches to justify additions under Section 153A. en-us Mon, 27 Jun 2022 00:00:00 +0530 Thu, 04 Apr 2024 19:17:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313287 The HC upheld the Appellate Tribunal's decision, affirming the deletion of additions related to fictitious losses and disallowance under Section 14A during the Section 153A assessment. The Court confirmed that disallowance under Section 14A cannot exceed the exempt income and should be excluded from Book Profit computation under Section 115JB. Additionally, the HC found no error in the Tribunal's decision regarding the deletion of additions related to losses from a specific entity, determining that the transactions did not constitute accommodation entries. The judgment emphasized the necessity for incriminating material during searches to justify additions under Section 153A. Case-Laws Income Tax Mon, 27 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313287