https://www.taxtmi.com/caselaws?id=462915 The ITAT Kolkata upheld the CIT(A)'s quashing of assessments framed under Section 153A relying on the 4th proviso for AYs 2008-09 to 2010-11, finding the AO's invocation invalid as no undisclosed "assets" were identified, only liabilities such as unsecured loans and share capital. The AO's reliance on statements from entry operators and information from the Settlement Commission application was held unjustified, as such material was not incriminating or discovered during search. Additions under Section 68 based solely on differences in opening and closing balances of share capital, share premium, and unsecured loans were deleted due to lack of corroborative evidence. The AO's use of publicly available MCA data and third-party statements without direct nexus was also disapproved. Consequently, the appeals were allowed, confirming the invalidity of the assessments and deletion of additions. en-us Mon, 19 Jun 2023 00:00:00 +0530 Thu, 24 Jul 2025 18:56:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462915 The ITAT Kolkata upheld the CIT(A)'s quashing of assessments framed under Section 153A relying on the 4th proviso for AYs 2008-09 to 2010-11, finding the AO's invocation invalid as no undisclosed "assets" were identified, only liabilities such as unsecured loans and share capital. The AO's reliance on statements from entry operators and information from the Settlement Commission application was held unjustified, as such material was not incriminating or discovered during search. Additions under Section 68 based solely on differences in opening and closing balances of share capital, share premium, and unsecured loans were deleted due to lack of corroborative evidence. The AO's use of publicly available MCA data and third-party statements without direct nexus was also disapproved. Consequently, the appeals were allowed, confirming the invalidity of the assessments and deletion of additions. Case-Laws Income Tax Mon, 19 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462915