In Assessment U/s. 153A/153C additions cannot be made unless they are based on any incriminating material or inquiries based on such material

Issue :- AO has alleged that at the time of hearing on 27-12-10 assessee’ s counsel expressed his inability to furnish any information. AO mode the impugned additions as mentioned above in respect of each assessment year holding that assessee could not substantiate that agricultural income declared in the regular returns of income was in facts agricultural income. The income was held to be not agricultural income and was assessed as income from unexplained sources. Thus the exempt income returned by assessee was held to be taxable income u/s 153A. The reasons, observations and findings for a...