https://www.taxtmi.com/caselaws?id=759484 The ITAT Chennai ruled in favor of the assessee in a section 153A assessment case. The Assessing Officer had made additions treating declared agricultural income as unexplained income under section 68 and disallowed section 54B deduction on agricultural land sale, citing lack of evidence. The ITAT held that following the SC decision in PCIT vs. Abhisar Buildwel, no additions can be made in completed assessments under section 153A without incriminating material found during search. Since the AO relied only on lack of evidence without pointing to any incriminating material, the additions were unjustified and deleted. en-us Mon, 16 Sep 2024 00:00:00 +0530 Thu, 03 Oct 2024 07:50:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759484 The ITAT Chennai ruled in favor of the assessee in a section 153A assessment case. The Assessing Officer had made additions treating declared agricultural income as unexplained income under section 68 and disallowed section 54B deduction on agricultural land sale, citing lack of evidence. The ITAT held that following the SC decision in PCIT vs. Abhisar Buildwel, no additions can be made in completed assessments under section 153A without incriminating material found during search. Since the AO relied only on lack of evidence without pointing to any incriminating material, the additions were unjustified and deleted. Case-Laws Income Tax Mon, 16 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759484