https://www.taxtmi.com/caselaws?id=758032 ITAT Nagpur dismissed revenue's appeal challenging additions under sections 69C and 68. The tribunal held that additions based on Department Valuation Officer's report cannot survive without incriminating material found during search, following Supreme Court precedent in Abhisar Buildwell. For abated assessment years, the tribunal found no excess work-in-progress beyond declared amounts. Regarding unsecured loans, since the assessee proved existence of shareholders and genuineness of transactions through account payee cheques, additions under section 68 were deleted as unjustified. en-us Mon, 29 Jul 2024 00:00:00 +0530 Tue, 03 Sep 2024 17:02:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758032 ITAT Nagpur dismissed revenue's appeal challenging additions under sections 69C and 68. The tribunal held that additions based on Department Valuation Officer's report cannot survive without incriminating material found during search, following Supreme Court precedent in Abhisar Buildwell. For abated assessment years, the tribunal found no excess work-in-progress beyond declared amounts. Regarding unsecured loans, since the assessee proved existence of shareholders and genuineness of transactions through account payee cheques, additions under section 68 were deleted as unjustified. Case-Laws Income Tax Mon, 29 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758032