https://www.taxtmi.com/caselaws?id=787925 The note explains that initiation of a search triggers abatement of pending assessments under the abatement rule, so a 143(3) assessment issued after search was quashed and set aside; where assessments remain unabated, additions are confined to income evidenced by incriminating material. Expenditure on an abandoned project connected to the existing retail business, yielding no enduring asset, was held revenue in nature and allowable. Reconciliations and supporting records rebutted alleged suppressed sales, and claimed prior-period charges, VAT write-offs and sundry balance write-offs met the business nexus test and were allowed as deductible under general business expense principles. en-us Mon, 16 Feb 2026 00:00:00 +0530 Sat, 14 Mar 2026 08:36:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787925 The note explains that initiation of a search triggers abatement of pending assessments under the abatement rule, so a 143(3) assessment issued after search was quashed and set aside; where assessments remain unabated, additions are confined to income evidenced by incriminating material. Expenditure on an abandoned project connected to the existing retail business, yielding no enduring asset, was held revenue in nature and allowable. Reconciliations and supporting records rebutted alleged suppressed sales, and claimed prior-period charges, VAT write-offs and sundry balance write-offs met the business nexus test and were allowed as deductible under general business expense principles. Case-Laws Income Tax Mon, 16 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787925