https://www.taxtmi.com/caselaws?id=462206 The ITAT Mumbai held that additions made under section 153A regarding declared long-term capital gains claimed as exempt under section 10(38) must be deleted as they were not based on seized or incriminating material. The tribunal ruled that statements under section 132(4) alone cannot constitute incriminating material for assessment under section 153A, following the Delhi HC precedent in PCIT vs. Anand Kumar Jain. Consequently, additions under section 69C for alleged unexplained expenditure were also deleted, as no incriminating material was found during the search to support the additions. en-us Thu, 27 Feb 2025 00:00:00 +0530 Sun, 01 Jun 2025 02:59:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462206 The ITAT Mumbai held that additions made under section 153A regarding declared long-term capital gains claimed as exempt under section 10(38) must be deleted as they were not based on seized or incriminating material. The tribunal ruled that statements under section 132(4) alone cannot constitute incriminating material for assessment under section 153A, following the Delhi HC precedent in PCIT vs. Anand Kumar Jain. Consequently, additions under section 69C for alleged unexplained expenditure were also deleted, as no incriminating material was found during the search to support the additions. Case-Laws Income Tax Thu, 27 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462206