https://www.taxtmi.com/caselaws?id=466455 Assessments under search were challenged for rejection of books of account and estimating income by applying net profit rates derived from an unrelated case. The tribunal found no incriminating material linking the assessee to bogus expenditures; reliance on net profit percentages from a different contractor was arbitrary. Consequently, the appellate authority correctly reversed additions made after rejecting books under the income tax provisions and deleting trading and net profit additions. A disallowance claimed as connected to the search was held beyond the scope of assessment in the absence of incriminating material and was deleted. en-us Tue, 11 Jan 2022 00:00:00 +0530 Sat, 07 Feb 2026 13:35:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466455 Assessments under search were challenged for rejection of books of account and estimating income by applying net profit rates derived from an unrelated case. The tribunal found no incriminating material linking the assessee to bogus expenditures; reliance on net profit percentages from a different contractor was arbitrary. Consequently, the appellate authority correctly reversed additions made after rejecting books under the income tax provisions and deleting trading and net profit additions. A disallowance claimed as connected to the search was held beyond the scope of assessment in the absence of incriminating material and was deleted. Case-Laws Income Tax Tue, 11 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466455