https://www.taxtmi.com/caselaws?id=767828 The ITAT Delhi ruled in favor of the assessee in a case involving assessment under sections 153C and 153A. The tribunal held that additions cannot be made based solely on regular returns without any incriminating material found during search operations, citing the SC judgment in Abhisar Buildwell. The AO's disallowance of Long Term Capital Gain as bogus transaction was deleted. Additionally, the tribunal found the assessment completed under section 143(3) for AY 2015-16 legally invalid, as it should have been completed under section 153C since the assessment year fell within the six-year block period following the search satisfaction note recorded on 10.11.2016. en-us Thu, 27 Feb 2025 00:00:00 +0530 Wed, 26 Mar 2025 06:50:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767828 The ITAT Delhi ruled in favor of the assessee in a case involving assessment under sections 153C and 153A. The tribunal held that additions cannot be made based solely on regular returns without any incriminating material found during search operations, citing the SC judgment in Abhisar Buildwell. The AO's disallowance of Long Term Capital Gain as bogus transaction was deleted. Additionally, the tribunal found the assessment completed under section 143(3) for AY 2015-16 legally invalid, as it should have been completed under section 153C since the assessment year fell within the six-year block period following the search satisfaction note recorded on 10.11.2016. Case-Laws Income Tax Thu, 27 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767828