https://www.taxtmi.com/caselaws?id=313615 ITAT Bangalore upheld the validity of assessment under section 153A following a search operation where documents were seized and statements recorded under section 132(4) from company officials. The Executive Director admitted undisclosed income of Rs. 9.96 crores and Rs. 3.6 crores in recorded statements. The tribunal rejected the assessee's argument regarding lack of seized material and dismissed claims for cross-examination of witnesses. However, issues regarding bogus purchases and income from property transactions were remitted back to CIT(A) for fresh examination, requiring consideration of treatment in vendors' hands and comprehensive review of all relevant documents and statements. en-us Fri, 27 May 2022 00:00:00 +0530 Thu, 25 Apr 2024 06:30:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313615 ITAT Bangalore upheld the validity of assessment under section 153A following a search operation where documents were seized and statements recorded under section 132(4) from company officials. The Executive Director admitted undisclosed income of Rs. 9.96 crores and Rs. 3.6 crores in recorded statements. The tribunal rejected the assessee's argument regarding lack of seized material and dismissed claims for cross-examination of witnesses. However, issues regarding bogus purchases and income from property transactions were remitted back to CIT(A) for fresh examination, requiring consideration of treatment in vendors' hands and comprehensive review of all relevant documents and statements. Case-Laws Income Tax Fri, 27 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313615