https://www.taxtmi.com/caselaws?id=751205 The ITAT Mumbai held that assessment u/s 153A requires incriminating material found during search for completed assessments. Since no incriminating material was discovered and regular books of accounts cannot constitute incriminating evidence, the AO lacked jurisdiction. The addition u/s 68 was deleted as the CIT(A) properly verified the lender company's genuineness and creditworthiness, noting the company had shifted addresses and the AO had previously accepted similar transactions. Disallowance u/s 14A was rejected since no exempt income was earned during the relevant year. Revenue's appeal was dismissed. en-us Fri, 05 Apr 2024 00:00:00 +0530 Tue, 09 Apr 2024 12:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751205 The ITAT Mumbai held that assessment u/s 153A requires incriminating material found during search for completed assessments. Since no incriminating material was discovered and regular books of accounts cannot constitute incriminating evidence, the AO lacked jurisdiction. The addition u/s 68 was deleted as the CIT(A) properly verified the lender company's genuineness and creditworthiness, noting the company had shifted addresses and the AO had previously accepted similar transactions. Disallowance u/s 14A was rejected since no exempt income was earned during the relevant year. Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 05 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751205