https://www.taxtmi.com/caselaws?id=63273 Block assessment under Chapter XIV-B is confined to income unearthed through search and cannot replace regular assessment. On the facts, the property investment and related figures were reflected in the assessee's, spouse's and HUF's returns and balance sheets, and the Revenue failed to prove a direct nexus between third-party deposits and the assessee's undisclosed income; the addition of Rs. 74 lakhs was therefore deleted. As to the cheque payment, since the cheque had been issued but not encashed, there was no actual outflow of funds and no basis to treat Rs. 12 lakhs as unexplained investment; that deletion was upheld. en-us Mon, 23 Jun 2003 00:00:00 +0530 Fri, 28 Jan 2011 18:15:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63273 Block assessment under Chapter XIV-B is confined to income unearthed through search and cannot replace regular assessment. On the facts, the property investment and related figures were reflected in the assessee's, spouse's and HUF's returns and balance sheets, and the Revenue failed to prove a direct nexus between third-party deposits and the assessee's undisclosed income; the addition of Rs. 74 lakhs was therefore deleted. As to the cheque payment, since the cheque had been issued but not encashed, there was no actual outflow of funds and no basis to treat Rs. 12 lakhs as unexplained investment; that deletion was upheld. Case-Laws Income Tax Mon, 23 Jun 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63273