https://www.taxtmi.com/caselaws?id=763582 The ITAT Delhi held that assessments under Section 153A require incriminating material found during search operations. The Assessing Officer made additions based on unsecured loans, cash credits, expenditure, and customer advances disclosed in the assessee's original financial statements and returns. Since these additions were based on the assessee's own filed accounts rather than seized or incriminating material, the ITAT quashed the Section 153A assessments for all four years, following the SC precedent in Abhisar Buildwell. The appeals were allowed on jurisdictional grounds. en-us Wed, 18 Dec 2024 00:00:00 +0530 Sat, 21 Dec 2024 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763582 The ITAT Delhi held that assessments under Section 153A require incriminating material found during search operations. The Assessing Officer made additions based on unsecured loans, cash credits, expenditure, and customer advances disclosed in the assessee's original financial statements and returns. Since these additions were based on the assessee's own filed accounts rather than seized or incriminating material, the ITAT quashed the Section 153A assessments for all four years, following the SC precedent in Abhisar Buildwell. The appeals were allowed on jurisdictional grounds. Case-Laws Income Tax Wed, 18 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763582