https://www.taxtmi.com/caselaws?id=763188 The ITAT allowed the appeals, setting aside the orders of the authorities below and ruling in favor of the assessee on all issues. It held that additions under section 153A require incriminating material, disallowed expenses under sections 14A and 37(1) were unjustified, and the loss characterization as speculative was incorrect. Additionally, the ITAT acknowledged the lack of adequate opportunity to be heard, emphasizing procedural fairness. The jurisdictional challenge was upheld due to the notice being issued to a non-existing entity. en-us Wed, 11 Dec 2024 00:00:00 +0530 Fri, 13 Dec 2024 19:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763188 The ITAT allowed the appeals, setting aside the orders of the authorities below and ruling in favor of the assessee on all issues. It held that additions under section 153A require incriminating material, disallowed expenses under sections 14A and 37(1) were unjustified, and the loss characterization as speculative was incorrect. Additionally, the ITAT acknowledged the lack of adequate opportunity to be heard, emphasizing procedural fairness. The jurisdictional challenge was upheld due to the notice being issued to a non-existing entity. Case-Laws Income Tax Wed, 11 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763188