https://www.taxtmi.com/caselaws?id=763745 ITAT Ahmedabad upheld revenue's appeal regarding bogus share capital and premium additions under section 68. AO treated transactions as accommodation entries based on evidence from search operations on intermediary revealing dummy company operations. CIT(A) deleted additions by dismissing each piece of evidence individually rather than considering them collectively. ITAT found CIT(A)'s approach incorrect and remanded matter for holistic reconsideration of all evidence. Tribunal also rejected assessee's challenge regarding assessment under section 147 versus 153C, finding no material pertaining to assessee discovered during search operations. en-us Tue, 26 Nov 2024 00:00:00 +0530 Thu, 26 Dec 2024 20:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763745 ITAT Ahmedabad upheld revenue's appeal regarding bogus share capital and premium additions under section 68. AO treated transactions as accommodation entries based on evidence from search operations on intermediary revealing dummy company operations. CIT(A) deleted additions by dismissing each piece of evidence individually rather than considering them collectively. ITAT found CIT(A)'s approach incorrect and remanded matter for holistic reconsideration of all evidence. Tribunal also rejected assessee's challenge regarding assessment under section 147 versus 153C, finding no material pertaining to assessee discovered during search operations. Case-Laws Income Tax Tue, 26 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763745