https://www.taxtmi.com/caselaws?id=63787 Block assessment under Chapter XIV-B can reach only income shown to be undisclosed on the basis of search material; recorded transactions in regular books or return filings cannot be converted into undisclosed income by notional valuation, disallowance of expenses, reclassification between income heads, or other fresh appraisal of disclosed items. On the facts, no incriminating material was found to support the additions, the jurisdictional basis for invoking section 158BD was not established, and the share-loss adjustment was unsupported because the transactions were genuine and recorded. Interest under section 158BFA was also held not leviable once the block additions failed. en-us Thu, 11 Sep 2003 00:00:00 +0530 Tue, 01 Feb 2011 18:31:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63787 Block assessment under Chapter XIV-B can reach only income shown to be undisclosed on the basis of search material; recorded transactions in regular books or return filings cannot be converted into undisclosed income by notional valuation, disallowance of expenses, reclassification between income heads, or other fresh appraisal of disclosed items. On the facts, no incriminating material was found to support the additions, the jurisdictional basis for invoking section 158BD was not established, and the share-loss adjustment was unsupported because the transactions were genuine and recorded. Interest under section 158BFA was also held not leviable once the block additions failed. Case-Laws Income Tax Thu, 11 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63787