https://www.taxtmi.com/caselaws?id=759269 ITAT Raipur held that assessment under section 153A was invalid due to absence of incriminating material found during search proceedings conducted on 24.10.2017. The tribunal found that share application money recorded in audited books and financial statements prior to search could not constitute incriminating material. Statements of investor company directors recorded before search proceedings and director's evasive replies during search did not qualify as incriminating evidence. Additionally, the assessment order lacked valid approval under section 153D as the AO materially altered the draft order after receiving approval from Joint CIT without seeking fresh approval. The tribunal quashed the assessment order on both grounds. en-us Fri, 30 Aug 2024 00:00:00 +0530 Fri, 27 Sep 2024 08:18:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759269 ITAT Raipur held that assessment under section 153A was invalid due to absence of incriminating material found during search proceedings conducted on 24.10.2017. The tribunal found that share application money recorded in audited books and financial statements prior to search could not constitute incriminating material. Statements of investor company directors recorded before search proceedings and director's evasive replies during search did not qualify as incriminating evidence. Additionally, the assessment order lacked valid approval under section 153D as the AO materially altered the draft order after receiving approval from Joint CIT without seeking fresh approval. The tribunal quashed the assessment order on both grounds. Case-Laws Income Tax Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759269