https://www.taxtmi.com/caselaws?id=463172 The ITAT Rajkot held that assessments under section 153A for AYs 2007-08 to 2009-10 were unsustainable as no incriminating material related to these years was found during the search, leading to quashing of these orders. Income from sale of land was directed to be treated as capital gain, not business income, as the assessee maintained separate accounts for investment and trading, and the Revenue's presumption lacked cogent evidence. Similarly, gains from sale of shares were held to be long-term capital gains, not business income, due to absence of analysis on holding period or transaction nature. Additions for unexplained credit and jewellery were deleted, with telescoping relief granted for disclosed amounts during search. Disallowance of interest on loans was also reversed, as the assessee's capital was sufficient to cover interest-free advances. All grounds of appeal were allowed in favor of the assessee. en-us Tue, 18 Sep 2018 00:00:00 +0530 Mon, 11 Aug 2025 20:56:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463172 The ITAT Rajkot held that assessments under section 153A for AYs 2007-08 to 2009-10 were unsustainable as no incriminating material related to these years was found during the search, leading to quashing of these orders. Income from sale of land was directed to be treated as capital gain, not business income, as the assessee maintained separate accounts for investment and trading, and the Revenue's presumption lacked cogent evidence. Similarly, gains from sale of shares were held to be long-term capital gains, not business income, due to absence of analysis on holding period or transaction nature. Additions for unexplained credit and jewellery were deleted, with telescoping relief granted for disclosed amounts during search. Disallowance of interest on loans was also reversed, as the assessee's capital was sufficient to cover interest-free advances. All grounds of appeal were allowed in favor of the assessee. Case-Laws Income Tax Tue, 18 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463172