https://www.taxtmi.com/highlights?id=95496 In absence of any incriminating material found in the search, mere reliance on a statement recorded u/s 132(4) and a higher net profit in a later year was held insufficient to enhance the returned profit; the estimated net profit rate of 11% was set aside and the returned profit was directed to be accepted. Addition u/s 56(2)(vii)(b) for alleged undervaluation of immovable property was held unsustainable due to non-speaking rejection of the explanation and an erroneous valuation basis; the addition was deleted. Approval for post-search reassessment was found mechanical and vitiated, and jurisdiction u/s 147/148 was held invalid absent "reasons to believe" founded on incriminating material; the assessment was annulled, with consequential deletions/reliefs including gift and agricultural income issues and allowance u/s 54F. - ITAT en-us Mon, 29 Dec 2025 08:56:35 +0530 Mon, 29 Dec 2025 08:56:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=95496 In absence of any incriminating material found in the search, mere reliance on a statement recorded u/s 132(4) and a higher net profit in a later year was held insufficient to enhance the returned profit; the estimated net profit rate of 11% was set aside and the returned profit was directed to be accepted. Addition u/s 56(2)(vii)(b) for alleged undervaluation of immovable property was held unsustainable due to non-speaking rejection of the explanation and an erroneous valuation basis; the addition was deleted. Approval for post-search reassessment was found mechanical and vitiated, and jurisdiction u/s 147/148 was held invalid absent "reasons to believe" founded on incriminating material; the assessment was annulled, with consequential deletions/reliefs including gift and agricultural income issues and allowance u/s 54F. - ITAT Highlights Income Tax Mon, 29 Dec 2025 08:56:35 +0530 https://www.taxtmi.com/highlights?id=95496