https://www.taxtmi.com/caselaws?id=799313 In a concluded assessment, additions under Section 153A require incriminating material found during search. Board resolutions, legal notes, valuation reports and related records concerning a firm's conversion, constitution and prior transactions do not meet that requirement where they disclose no undisclosed income; additions founded on them lack legal basis. Tax-neutral succession under Section 47(xiii) remains available where the business assets and liabilities existing immediately before succession vest unchanged in the company and partners receive only shares reflecting their pre-succession interests. Asset sales and changes in capital-sharing ratios before succession do not, by themselves, breach those conditions or justify denial of the Section 80-IA deduction. en-us Wed, 09 Sep 2026 00:00:00 +0530 Sat, 19 Sep 2026 08:20:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799313 In a concluded assessment, additions under Section 153A require incriminating material found during search. Board resolutions, legal notes, valuation reports and related records concerning a firm's conversion, constitution and prior transactions do not meet that requirement where they disclose no undisclosed income; additions founded on them lack legal basis. Tax-neutral succession under Section 47(xiii) remains available where the business assets and liabilities existing immediately before succession vest unchanged in the company and partners receive only shares reflecting their pre-succession interests. Asset sales and changes in capital-sharing ratios before succession do not, by themselves, breach those conditions or justify denial of the Section 80-IA deduction. Case-Laws Income Tax Wed, 09 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799313