https://www.taxtmi.com/caselaws?id=755747 ITAT Delhi held that proceedings under section 153A were invalid where no incriminating material was found during search and seizure operations under section 132. The AO treated share application money/share premium as unexplained cash credit under section 68 and made disallowances under section 14A read with Rule 8D. However, the additions were based solely on assessment proceedings inquiry, not on any seized material. Following Supreme Court precedent in Abhisar Buildwell, ITAT ruled that unabated assessments under section 153A cannot sustain additions without incriminating material from search operations. The additions were deleted in favour of the assessee. en-us Tue, 16 Jul 2024 00:00:00 +0530 Wed, 17 Jul 2024 15:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755747 ITAT Delhi held that proceedings under section 153A were invalid where no incriminating material was found during search and seizure operations under section 132. The AO treated share application money/share premium as unexplained cash credit under section 68 and made disallowances under section 14A read with Rule 8D. However, the additions were based solely on assessment proceedings inquiry, not on any seized material. Following Supreme Court precedent in Abhisar Buildwell, ITAT ruled that unabated assessments under section 153A cannot sustain additions without incriminating material from search operations. The additions were deleted in favour of the assessee. Case-Laws Income Tax Tue, 16 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755747