https://www.taxtmi.com/caselaws?id=762843 The ITAT Delhi dismissed the revenue's appeal in a search assessment case under section 153A. The assessing officer had treated share capital receipts as bogus income from shell companies based on documents found during search. The tribunal held that the AO failed to establish the seized documents were incriminating material before using them for section 68 proceedings. The AO worked backwards - first concluding investors were shell companies, then deeming documents incriminating. The tribunal found the original share capital transactions were already examined and accepted in earlier scrutiny assessments. The AO's approach was based on preconceived notions rather than proper examination of evidence. en-us Thu, 28 Nov 2024 00:00:00 +0530 Mon, 09 Dec 2024 08:44:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762843 The ITAT Delhi dismissed the revenue's appeal in a search assessment case under section 153A. The assessing officer had treated share capital receipts as bogus income from shell companies based on documents found during search. The tribunal held that the AO failed to establish the seized documents were incriminating material before using them for section 68 proceedings. The AO worked backwards - first concluding investors were shell companies, then deeming documents incriminating. The tribunal found the original share capital transactions were already examined and accepted in earlier scrutiny assessments. The AO's approach was based on preconceived notions rather than proper examination of evidence. Case-Laws Income Tax Thu, 28 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762843