https://www.taxtmi.com/caselaws?id=314082 ITAT Kolkata ruled on assessment proceedings under section 153A involving search validity and share application money. The tribunal held that search conducted on bank accounts was valid as the warrant properly specified the assessee's name and bank details, and bank manager's signature on panchnama was sufficient since banks act as agents. Cross objections regarding interest under section 234B were dismissed as additions under sections 68-69 created advance tax liability. However, regarding share application money allegations involving shell companies and money laundering through director's admitted statement, the matter was restored to AO for re-adjudication despite assessee's attempts to delay proceedings, granting another opportunity for proper fact presentation. en-us Fri, 12 Sep 2014 00:00:00 +0530 Thu, 16 May 2024 18:56:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314082 ITAT Kolkata ruled on assessment proceedings under section 153A involving search validity and share application money. The tribunal held that search conducted on bank accounts was valid as the warrant properly specified the assessee's name and bank details, and bank manager's signature on panchnama was sufficient since banks act as agents. Cross objections regarding interest under section 234B were dismissed as additions under sections 68-69 created advance tax liability. However, regarding share application money allegations involving shell companies and money laundering through director's admitted statement, the matter was restored to AO for re-adjudication despite assessee's attempts to delay proceedings, granting another opportunity for proper fact presentation. Case-Laws Income Tax Fri, 12 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314082