https://www.taxtmi.com/caselaws?id=462111 The ITAT Delhi held that an assessment under section 153A was invalid where additions were made solely based on the assessee's statement during search proceedings. The AO failed to identify any incriminating material discovered during the search to support the addition. Since the share transactions were already recorded in the assessee's books and properly disclosed, the addition was unsustainable without corroborating incriminating evidence. The CIT(A)'s deletion of the addition was upheld, and the assessee's appeal was allowed. en-us Wed, 30 Oct 2024 00:00:00 +0530 Fri, 23 May 2025 19:13:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462111 The ITAT Delhi held that an assessment under section 153A was invalid where additions were made solely based on the assessee's statement during search proceedings. The AO failed to identify any incriminating material discovered during the search to support the addition. Since the share transactions were already recorded in the assessee's books and properly disclosed, the addition was unsustainable without corroborating incriminating evidence. The CIT(A)'s deletion of the addition was upheld, and the assessee's appeal was allowed. Case-Laws Income Tax Wed, 30 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462111