https://www.taxtmi.com/caselaws?id=462587 The ITAT Chennai ruled in favor of the assessee in proceedings under section 153A read with section 143(3). The tribunal held that no additions or disallowances can be made based on the assessee's own documents when no incriminating material was found during search operations conducted on business premises. The court rejected revenue's disallowance of advertisement expenses and interest on borrowed capital for non-deduction of TDS under section 40(a)(ia). Following Continental Warehousing Corporation precedent, the tribunal emphasized that only pending assessment proceedings abate upon search initiation, not final assessments for years covered under section 153A. en-us Fri, 25 Feb 2022 00:00:00 +0530 Wed, 02 Jul 2025 19:03:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462587 The ITAT Chennai ruled in favor of the assessee in proceedings under section 153A read with section 143(3). The tribunal held that no additions or disallowances can be made based on the assessee's own documents when no incriminating material was found during search operations conducted on business premises. The court rejected revenue's disallowance of advertisement expenses and interest on borrowed capital for non-deduction of TDS under section 40(a)(ia). Following Continental Warehousing Corporation precedent, the tribunal emphasized that only pending assessment proceedings abate upon search initiation, not final assessments for years covered under section 153A. Case-Laws Income Tax Fri, 25 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462587