https://www.taxtmi.com/caselaws?id=751564 The ITAT Delhi allowed the assessee's appeal, ruling that a manual cash book found at the company's premises during search could not be considered incriminating material under Section 153A for making additions in the searched person's hands, as the company's assessment was already concluded. The tribunal held that Section 153C should have been invoked instead, making the CIT(A)'s exercise of jurisdiction under Section 153A invalid. Additionally, the tribunal found no justification for treating expenditures as taxable perquisites under Section 2(24)(iv), noting the assessee was entitled to telescoping benefit given the disclosure made under IDS, resulting in no addition being warranted. en-us Tue, 16 Apr 2024 00:00:00 +0530 Fri, 19 Apr 2024 14:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751564 The ITAT Delhi allowed the assessee's appeal, ruling that a manual cash book found at the company's premises during search could not be considered incriminating material under Section 153A for making additions in the searched person's hands, as the company's assessment was already concluded. The tribunal held that Section 153C should have been invoked instead, making the CIT(A)'s exercise of jurisdiction under Section 153A invalid. Additionally, the tribunal found no justification for treating expenditures as taxable perquisites under Section 2(24)(iv), noting the assessee was entitled to telescoping benefit given the disclosure made under IDS, resulting in no addition being warranted. Case-Laws Income Tax Tue, 16 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751564