https://www.taxtmi.com/caselaws?id=752430 The ITAT Ranchi upheld CIT(A)'s deletion of additions made under section 68 for unexplained unsecured loans in an assessment under section 153A. The AO made additions based on documents seized from third parties' premises during their search operations, not from the assessee's search. The tribunal held that without incriminating material found during the assessee's own search, no additions could be made under section 153A for unabated years, citing the SC decision in Abhisar Buildwell Private Limited. The proper recourse would have been proceedings under section 153C against the assessee. en-us Mon, 26 Feb 2024 00:00:00 +0530 Thu, 09 May 2024 10:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752430 The ITAT Ranchi upheld CIT(A)'s deletion of additions made under section 68 for unexplained unsecured loans in an assessment under section 153A. The AO made additions based on documents seized from third parties' premises during their search operations, not from the assessee's search. The tribunal held that without incriminating material found during the assessee's own search, no additions could be made under section 153A for unabated years, citing the SC decision in Abhisar Buildwell Private Limited. The proper recourse would have been proceedings under section 153C against the assessee. Case-Laws Income Tax Mon, 26 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752430