https://www.taxtmi.com/caselaws?id=754192 The ITAT Gauhati quashed assessment orders under section 153A where the AO made additions of Rs. 2 crore treating share capital as unexplained credit under section 68. The tribunal held that since no incriminating material was found during search operations for the unabated assessment year, and the AO's observations were routine based on regular accounts, no additions could be made. Following the SC precedent in Abhisar Buildwell Pvt. Ltd., the tribunal ruled that without incriminating material discovered during search, assessment orders cannot sustain additions. The assessee's appeal was allowed and assessment orders were quashed. en-us Mon, 15 Jan 2024 00:00:00 +0530 Wed, 19 Jun 2024 08:32:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754192 The ITAT Gauhati quashed assessment orders under section 153A where the AO made additions of Rs. 2 crore treating share capital as unexplained credit under section 68. The tribunal held that since no incriminating material was found during search operations for the unabated assessment year, and the AO's observations were routine based on regular accounts, no additions could be made. Following the SC precedent in Abhisar Buildwell Pvt. Ltd., the tribunal ruled that without incriminating material discovered during search, assessment orders cannot sustain additions. The assessee's appeal was allowed and assessment orders were quashed. Case-Laws Income Tax Mon, 15 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754192