https://www.taxtmi.com/caselaws?id=751554 ITAT Guwahati dismissed revenue's appeal regarding additions under section 68 for bogus unsecured loans from shell companies for assessment years 2014-15 and 2015-16. The court held that since these were completed assessment years at the time of search on 29/01/2021, additions could only be made if incriminating material was found during search. The Assessing Officer failed to refer to any incriminating material and relied solely on audited balance sheet information and post-search enquiries. Following Supreme Court precedent in Abhisar Buildwell, CIT(A) correctly deleted the additions as no incriminating evidence was discovered during search operations. en-us Thu, 07 Mar 2024 00:00:00 +0530 Fri, 19 Apr 2024 08:08:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751554 ITAT Guwahati dismissed revenue's appeal regarding additions under section 68 for bogus unsecured loans from shell companies for assessment years 2014-15 and 2015-16. The court held that since these were completed assessment years at the time of search on 29/01/2021, additions could only be made if incriminating material was found during search. The Assessing Officer failed to refer to any incriminating material and relied solely on audited balance sheet information and post-search enquiries. Following Supreme Court precedent in Abhisar Buildwell, CIT(A) correctly deleted the additions as no incriminating evidence was discovered during search operations. Case-Laws Income Tax Thu, 07 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751554