Bogus LTCG Addition Deleted Under Section 153C: Search Assessment Cannot Rest on Non-Incriminating Evidence

Pradeep Kumar Dusad Vs DCIT (ITAT Jaipur) ITAT Jaipur Holds 153C Valid but Deletes On-Money & Bogus LTCG Additions; Firm’s Investment Not Taxable in Partner’s Hands & CIT(A) Cannot Direct Reopening u/s 148 In this search-based case, AO issued notice u/s 153C to Pradeep Kumar Dusad &  made three additions: alleged on-money of ₹1.45 crore on land purchase, bogus LTCG of ₹44.68 lakh on penny stock shares, &  commission. The CIT(A) held 153C invalid &  deleted the additions but directed the AO to reopen the LTCG issue u/s 148. Both parties appealed. Tribunal first he...