https://www.taxtmi.com/caselaws?id=787418 Belated valuation reports not served on the assessee within the mandatory six-month period under Section 142A(6) cannot support assessment additions; the Valuation Officer is functus officio regarding such reports. For completed or unabated years, Section 153A jurisdiction requires search-derived incriminating material specific to the relevant year showing escaped income represented by an asset, and material from another period cannot be extrapolated without direct evidence. Additions for unexplained investment and cash receipts based on invalid valuations or retracted, uncorroborated statements fail, particularly where cross-examination was unavailable. Credit additions also fail where identity, genuineness and creditworthiness are established and remain unrebutted. en-us Tue, 03 Feb 2026 00:00:00 +0530 Thu, 05 Mar 2026 08:41:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787418 Belated valuation reports not served on the assessee within the mandatory six-month period under Section 142A(6) cannot support assessment additions; the Valuation Officer is functus officio regarding such reports. For completed or unabated years, Section 153A jurisdiction requires search-derived incriminating material specific to the relevant year showing escaped income represented by an asset, and material from another period cannot be extrapolated without direct evidence. Additions for unexplained investment and cash receipts based on invalid valuations or retracted, uncorroborated statements fail, particularly where cross-examination was unavailable. Credit additions also fail where identity, genuineness and creditworthiness are established and remain unrebutted. Case-Laws Income Tax Tue, 03 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787418