https://www.taxtmi.com/caselaws?id=314116 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 2,67,32,350/- made by the AO under Section 69A of the IT Act, as it was not based on incriminating material found during search proceedings. The ITAT dismissed the Revenue's appeal and the assessee's cross objection, emphasizing the necessity of incriminating material for additions under Section 153A. The valuation report obtained under Section 142A was deemed irrelevant, and the cross objection regarding its authority was dismissed as infructuous. The ITAT's decision reinforced the requirement for substantive evidence in search-related assessments. en-us Thu, 23 Nov 2023 00:00:00 +0530 Sat, 18 May 2024 06:48:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314116 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 2,67,32,350/- made by the AO under Section 69A of the IT Act, as it was not based on incriminating material found during search proceedings. The ITAT dismissed the Revenue's appeal and the assessee's cross objection, emphasizing the necessity of incriminating material for additions under Section 153A. The valuation report obtained under Section 142A was deemed irrelevant, and the cross objection regarding its authority was dismissed as infructuous. The ITAT's decision reinforced the requirement for substantive evidence in search-related assessments. Case-Laws Income Tax Thu, 23 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314116