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of <h1>Delhi High Court: Section 153A Requires Incriminating Evidence for LTCG Exemption Cases; Upholds Natural Justice Principles.</h1> The Delhi High Court addressed appeals concerning the application of Section 153A of the Income Tax Act, 1961, following search and seizure operations. The case involved taxpayers who claimed long-term capital gains (LTCG) exemptions from share sales, which the Assessing Officer (AO) contested based on Section 132(4) statements. The court highlighted that these statements alone cannot justify income additions without corroborative evidence. It underscored the need for incriminating material for Section 153A assessments and criticized the denial of cross-examination, emphasizing principles of natural justice. The judgment reinforces the necessity for substantial evidence and fair assessment processes.
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