https://www.taxtmi.com/caselaws?id=471186 Section 153A assessments cannot sustain additions for alleged unexplained construction investment where the search yields no incriminating material. Construction expenditure recorded in balance sheets, with stated funding sources and no admission of undisclosed investment, cannot be treated as unexplained merely on the basis of a post-search departmental valuation report. A valuation report obtained after search is only an estimate of construction cost and does not itself constitute incriminating material. Consequently, additions lacking a nexus to seized material are impermissible under Section 153A, and the relevant assessments were quashed. en-us Wed, 02 Apr 2025 00:00:00 +0530 Mon, 24 Aug 2026 18:59:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471186 Section 153A assessments cannot sustain additions for alleged unexplained construction investment where the search yields no incriminating material. Construction expenditure recorded in balance sheets, with stated funding sources and no admission of undisclosed investment, cannot be treated as unexplained merely on the basis of a post-search departmental valuation report. A valuation report obtained after search is only an estimate of construction cost and does not itself constitute incriminating material. Consequently, additions lacking a nexus to seized material are impermissible under Section 153A, and the relevant assessments were quashed. Case-Laws Income Tax Wed, 02 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471186