https://www.taxtmi.com/caselaws?id=767374 ITAT Lucknow dismissed Revenue's appeal in an assessment under section 153A regarding unexplained share capital. The CIT(A) had deleted the addition made by the AO. The tribunal found no material to interfere with CIT(A)'s order, which relied on SC precedents in Lovely Exports and Divine Leasing cases, and Allahabad HC decision in Jaya Securities. The matter was covered in assessee's favor by SC ruling in PCIT vs Abhisar Buildwell, establishing that additions cannot be made without incriminating material found during search under section 132. en-us Wed, 12 Mar 2025 00:00:00 +0530 Mon, 17 Mar 2025 07:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767374 ITAT Lucknow dismissed Revenue's appeal in an assessment under section 153A regarding unexplained share capital. The CIT(A) had deleted the addition made by the AO. The tribunal found no material to interfere with CIT(A)'s order, which relied on SC precedents in Lovely Exports and Divine Leasing cases, and Allahabad HC decision in Jaya Securities. The matter was covered in assessee's favor by SC ruling in PCIT vs Abhisar Buildwell, establishing that additions cannot be made without incriminating material found during search under section 132. Case-Laws Income Tax Wed, 12 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767374