https://www.taxtmi.com/caselaws?id=458651 In Section 153A proceedings, additions for a completed assessment year cannot be sustained in the absence of incriminating material found during search relating to that year. The assessee had disclosed the amount as sale consideration for shares, the related capital gain was taxed in the succeeding year, and the Revenue had accepted that assessment. As no incriminating material emerged for the relevant assessment year, the Section 68 addition was held unsustainable and the Revenue's challenge failed. en-us Tue, 05 Apr 2022 00:00:00 +0530 Mon, 11 Nov 2024 17:47:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458651 In Section 153A proceedings, additions for a completed assessment year cannot be sustained in the absence of incriminating material found during search relating to that year. The assessee had disclosed the amount as sale consideration for shares, the related capital gain was taxed in the succeeding year, and the Revenue had accepted that assessment. As no incriminating material emerged for the relevant assessment year, the Section 68 addition was held unsustainable and the Revenue's challenge failed. Case-Laws Income Tax Tue, 05 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458651