https://www.taxtmi.com/caselaws?id=754193 In an abated assessment under section 153A, jurisdiction was sustained where the search warrant contained the assessee's name and the search record related to the assessee; the objection based on absence of a separate panchnama and the claim that additions required incriminating material failed. On the merits, additions and disallowances were tested against confirmations, bank statements, tax particulars, ledger accounts and other documentary evidence, and mechanically made adjustments under section 68 and related disallowances were deleted to the extent unsupported by the record. The commentary emphasises that credible evidence must be properly appreciated before sustaining cash credit additions or business disallowances. en-us Tue, 19 Mar 2024 00:00:00 +0530 Tue, 18 Jun 2024 11:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754193 In an abated assessment under section 153A, jurisdiction was sustained where the search warrant contained the assessee's name and the search record related to the assessee; the objection based on absence of a separate panchnama and the claim that additions required incriminating material failed. On the merits, additions and disallowances were tested against confirmations, bank statements, tax particulars, ledger accounts and other documentary evidence, and mechanically made adjustments under section 68 and related disallowances were deleted to the extent unsupported by the record. The commentary emphasises that credible evidence must be properly appreciated before sustaining cash credit additions or business disallowances. Case-Laws Income Tax Tue, 19 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754193