https://www.taxtmi.com/caselaws?id=468085 In concluded assessments under section 153C, additions cannot be sustained unless search material reveals incriminating evidence pertaining to the assessee for the relevant years; documents already forming part of the regular record do not provide that jurisdictional basis, so the 153C proceedings fail. On the cash-credit issue, an assessee discharges the section 68 onus by producing documents showing the investors' identity, creditworthiness and transaction genuineness, including PAN, financial statements, confirmations, bank records and the transaction agreement. Where the funds move through banking channels and the Revenue does not rebut the evidence with reliable material, additions for advances or investments are not justified and the relief granted by the first appellate authority is sustained. en-us Thu, 13 Feb 2025 00:00:00 +0530 Wed, 15 Apr 2026 11:03:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468085 In concluded assessments under section 153C, additions cannot be sustained unless search material reveals incriminating evidence pertaining to the assessee for the relevant years; documents already forming part of the regular record do not provide that jurisdictional basis, so the 153C proceedings fail. On the cash-credit issue, an assessee discharges the section 68 onus by producing documents showing the investors' identity, creditworthiness and transaction genuineness, including PAN, financial statements, confirmations, bank records and the transaction agreement. Where the funds move through banking channels and the Revenue does not rebut the evidence with reliable material, additions for advances or investments are not justified and the relief granted by the first appellate authority is sustained. Case-Laws Income Tax Thu, 13 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468085