https://www.taxtmi.com/caselaws?id=754375 The ITAT Bangalore ruled on multiple issues regarding assessments under section 153A following search operations. For AY 2013-14 and 2014-15, the ITAT held that assessments under section 153A are invalid without incriminating material seized during search, following the SC decision in Abhisar Buildwell. For AY 2015-16, the assessment was upheld as it was pending when search occurred, with notice under section 143(2) time limit not expired. Additions based solely on loose sheet notings were deleted due to lack of corroborative evidence. Regarding excess jewelry stock, the ITAT ruled it should be taxed as business income rather than under section 115BBE at special rates, as the assessee adequately explained the source as business-related and no separate income source was identified during search. en-us Mon, 10 Jun 2024 00:00:00 +0530 Fri, 21 Jun 2024 12:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754375 The ITAT Bangalore ruled on multiple issues regarding assessments under section 153A following search operations. For AY 2013-14 and 2014-15, the ITAT held that assessments under section 153A are invalid without incriminating material seized during search, following the SC decision in Abhisar Buildwell. For AY 2015-16, the assessment was upheld as it was pending when search occurred, with notice under section 143(2) time limit not expired. Additions based solely on loose sheet notings were deleted due to lack of corroborative evidence. Regarding excess jewelry stock, the ITAT ruled it should be taxed as business income rather than under section 115BBE at special rates, as the assessee adequately explained the source as business-related and no separate income source was identified during search. Case-Laws Income Tax Mon, 10 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754375