Search Assessment Limited as Bank Valuation Found Insufficient Evidence

Advertisement ITO Vs Smt. Samiksha Mahajan (ITAT Delhi) Bank Valuation ≠ Incriminating Material: Delhi ITAT Restricts Section 69 Addition & Deletes Estimated STCG in Search Assessment The Delhi Bench of the ITAT dismissed both the Revenue’s appeal and the assessee’s cross-objection, holding that a bank valuation report obtained u/s 133(6) cannot be treated as incriminating material for making additions in a search assessment u/s 153A, and that capital gains cannot be recomputed on pure estimates without invoking section 50C. In the search assessment for AY 2005-06, the AO made an ...